New rules for mortgage lenders that started this week make it more likely that a second check of your credit will occur right before closing.
That means if you are buying a home you need to resist the urge to splurge on new things for your new home … until after you’ve closed on the loan.
While I’ve always told my clients not to make a major purchase like a new car after applying for a mortgage loan, now you’ll have to make sure you keep your credit cards firmly in your wallet or purse before you close on your home.
Why? Your lender is likely to pull a second credit report right before issuing your loan to check to see if there’s been any changes. The lender will be looking for changes that impact your debt-to-income ratio like a new credit card account, a large purchase for your new house or shopping for more credit.
Looking for a new home? You can search Arlington VA homes for sale using my easy to use map-based home search. I can also also recommend trusted mortgage lenders who can help you obtain a loan. Feel free to contact me for a lender referral at 703.447.0970 or Meg@MegRoss.com.
Get buyers and sellers tips at MegRoss.com.
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