Just say no! What do I mean by this? When you are in the home buying process whether you are just starting or already under contract I often have to tell buyers their new favorite word should be “NO.”
When you first get approved for a mortgage the lender takes a snap shot of your credit. That snapshot is what they use to determine if you will be approved for a mortgage. You have to keep in mind that it is a snap shot in time and we all know things can change over time, which is why I recommend buyers not change their credit from when they got approved.
What that means is no more new debt, credit cards, payment obligations, lines of credit or store cards, and especially no new cards. You have to remember the lender will be checking your credit through out your transaction and can do it up until the day of closing, not only credit but employment. If any of those things change then it can jeopardize your ability to qualify for a home loan.
Which brings me back to just saying “NO” to new lines of credit, car loans or anything that would change your credit.
So remember just say no!
As you can tell I love to educate my clients about the process and any topics around real estate. With the heart of a teacher I strongly believe it is important to educate my clients because it will empower them to make educated decisions and be less likely to be taken advantage of.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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