Ways to not let that happen to you........
- Keep paying your bills – keeping your current mortgage up to date and paying those credit card and car payments on time is imperative. Lenders will check your credit again just before closing, and this could possibly ding your credit making you ineligible to close on your new home.
- Keep from making large purchases – looking at buying new furniture for your new place? I get it! But Just for a moment, HOLD ON…. This could potentially hurt you in a big way. If you finance the purchase or use any of your savings that the lender was counting on, your debt to income ratio changes and it may drop your FICO score.
- Keep your JOB – REALLY??? Of course! you say..... However, if you change jobs or even take a promotion (Relocation Guide) this may have your lender requiring you to resubmit proof of employment documents all over again. Typically not a good idea to make a change during this time period.
- Keep all accounts open – I know you think closing out a few credit cards might actually make you shine. It could make you anything but. If you borrow money from your retirement account as well, make sure this will not have a negative impact on your lenders approval.
In a “NUTSHELL” – However you look to your lender on day of approval, make no changes OR Ask how those changes may impact your loan and ability to close. Good luck!!
%20776-3540&aphoto=photos.allentate.net%2FAgents%2Fmed%2F54%2F7454.jpg&asite=DinaBraun%2F&afn=Dina%20Braun)
