Posts from June 22nd, 2021
22
Don't Do These Things Before Closing
The big day is almost here. You got preapproved for a favorable mortgage. You scoured listings for weeks – maybe even months – to find the perfect house. You submitted an offer and the seller accepted. And now, so close to the finish line, it could all be for naught if you make one of the mistakes we're going to talk about. Instead, stay informed with your real estate agent and, above all else, don't do these things before closing on a new home.
Apply for New Credit
There is quite possibly no worse time to open a new credit card account than before you've closed your home purchase. Think of your mortgage preapproval as a snapshot of your credit, debt, and income situation at that moment. Opening a new line of credit alters that snapshot and could give you a lower credit score, causing your lender to reevaluate everything.
