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Five things NOT to do
- No major purchases or new financing! Resist the urge to deck out your new home and refrain from buying anything that could create debt; this means furniture, appliances, electronics, jewelry, vacations, cars etc….
- Don’t change jobs. Lenders love to see a consistent job history, job-hopping however…not so much. Any major changes (even if your paychecks are the same) could risk your approval.
- Don’t move money around. When applying for a loan, lenders look at bank account histories and any large sums deposited or withdrawn could raise red flags. Gifting (of the down payment) is completely legal, but be sure to ask a mortgage professional how to go about this.
- Stay on top of your bills. Any slip ups could send your credit score spiraling down and could jeopardize your loan approval.
- Don’t have inquiries made into your credit. Inquiries made related to your mortgage search don’t usually affect your credit (under the assumption you’re rate shopping). Any others? Looking for new credit translates into a higher risk for lenders. Don’t risk it – hold off until after closing.
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