As you start the process for buying your home, it’s important to avoid actions that could change your credit. Your credit score is one of the most important things in securing financing and determining your interest rate. The following list of items could impact your credit if they change unexpectedly during the mortgage process.
- Changing jobs, becoming self-employed or quitting your job.
- Purchasing any large items on credit such as cars, appliances or furniture.
- Using your existing credit cards excessively or falling behind on your payments.
- Spending funds that you have set aside for closing.
- Omitting debts or liabilities from your mortgage application.
- Establishing any new items of credit within 60 days of your closing.
- Making any large deposits before checking with your mortgage lender.
- Closing any of your bank accounts or changing banks.
- Initiating any new inquiries into your credit.
- Co-signing on any new credit for another person.
Remember to always avoid the items on this list to ensure your home loan process is easy and seamless.
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