These Credit Mistakes Can Kill Your Home Purchase

Dated: March 9 2021

Views: 166

After all the competition it takes in today's market to finally get into contract, the last thing you want to hear from your lender is that you suddenly no longer qualify for the loan! Yet that is exactly what happens more times than people realize.

Why? Sometimes home buyers relax after being chosen for the transaction, and let their guard down. Maybe they apply for new credit (Ding! Credit rating drop). Or that new car just went on sale for hundreds, maybe thousands, less... killing your reserves that the bank required. There are many traps that a buyer can fall into, if not careful. Following is a list of ten by category, given as advice by the experts:
1. Don't apply for new credit
2. Don't make any large purchases
3. Don't pay off collections or "charge offs"
4. Don't close credit card accounts
5. Don't max out or overcharge credit card accounts
6. Don't consolidate your debt
7. don't change bank accounts
8. Don't deposit cash into your bank accounts
9. Don't s-sign loans with anyone
10. Don't do anything weird (changing your name, miss payments, change spending patterns: red flags)

To understand these, speak with me or your lender. For more details, read on this article in Inman's March 9, 2021 titled "10 credit mistakes that could cost buyers their dream house." Click here.

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Santiago Ogradón Cortés

I am passionate about client empowerment. I keep them as educated and informed as they are comfortable with being. I personally tend to their business, never passing them to someone else, and my TC is....

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