You re in the midst of buying your new home and find yourself with a lot on your to-do list. The basic requirements including utilities, phone, and internet are often joined with new furniture, new dÃ©cor, and a general “out with the old and in with the new” mentality. It s an exciting time and it’s easy to get carried away, but before you do, read the following list of do s and don ts to ensure your credit is protected and so is your loan approval!
- Apply for any new credit
- Pay off collections or charge-offs
- Close credit card accounts
- Max out existing credit cards
- Consolidate debt
- Pay late on any accounts
- Change employers, move or change your address
- Dispute anything on your credit report
Avoiding these items will help preserve your immediate credit and minimize the risk of your credit score dropping.
- Keep in touch with your loan consultant
- Watch your credit closely
- Stay current on all existing accounts
- Shop for hazard insurance early
These steps will give you peace of mind and contribute to a much smoother buying experience and an on-time closing.
Following these simple suggestions could make the difference between a loan approval and denial. Contact your Home Team Mortgage loan officer for more guidance and gain peace of mind!
Tom Parker is president of Home Team Mortgage, Ebby Halliday s in-house mortgage source, and a regular contributor to the Ebby Blog. Contact Tom at email@example.com or 972-665-1900.