Put Your Spending Habits In A Deep Freeze!
Once you apply for a mortgage, put your spending habits into a deep freeze for the next 30 - 45 days, just until you close on your new home.
An important factor you need to know about during your mortgage approval process is your active credit situation. DON'T make any major purchases...credit or cash or lease a car or apply for a new credit card. Don't buy an item to put it layaway. You need to freeze your spending habits except for normal purchases, like food and gas, etc.
It used to be that mortgage lenders would only check your credit history once when you appled for a mortgage. Now they will check it 2 or 3 times and the last time could be the day of or day before your real estate closing. So don't do anything without checking with your mortgage consultant. You don't want your credit score to go down or have your cash reserves and other assets change until after your closing.
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