Credit Tips and RulesThere are many do's and don'ts when preparing to purchase a home. Making changes in your employment or credit report could have an effect on your loan approval, even after you've been approved. To avoid any delays follow the tips below. Avoid changes in your job...Even if you have been approved for a loan, the lender may call your employer to re-verify your employment. Notify your lender immediately if a job change occurs.
Avoid moving large sums of money…Withdraws or deposits of large sums of money may delay the closing process. Avoid moving your money around or changing banks. Avoid changing your marital status…If marital status or names are changed notify both your lender and your title company immediately. Avoid changes on your credit card…Continue to use your credit cards as usual and avoid making any large purchases. Do not make large payments on current cards unless your lender advises you to do so. Avoid applying for new credit…Consult with your lender before applying for any new credit.
Some areas to avoid:
- Zero Percent Credit Cards
- New Auto Loans or Leases
- Department Store Credit Cards
- New Appliances
- Same as Cash Credit Card Offers
- Collection Issues
- Credit Disputes
By Ray Levy