Mortgage Blog
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LAST MINUTE CREDIT CHECK
September 10, 2018 | Posted by: Lam Lee
As I’ve said many times, one of the single greatest determining factors in whether you can become qualified for a mortgage and the interest rate at which you do, is your credit history. Many people
However, the truly unsettling idea about credit scores and their relation to home financing is the fact that most people do not even know they are extremely important even after you have been approved…
Once your offer on a home is accepted and you remove financing conditions, it is your obligation to secure the money needed to close the sale. There
However, before any of this is done, one more thing must happen…
Your credit report can be reviewed once again in order to verify your credit history is the same as it was when you were first qualified for a mortgage, sometimes months earlier.
So what happens if you made an offer on a home, got approved for financing, lifted all conditions, and because you also met all the
If you increase the amount of money you are borrowing through any credit card or bank, miss payments on existing debt, or for any reason alter your credit history from the day you are approved until the final closing day at the lawyer’s office, you run the risk of not being able to complete your purchase.
If you plan on spending any money that isn’t cash and isn’t in a separate account needed for your down payment or closing costs, you need to talk to your broker because it could end horribly for all parties involved and potentially result in legal disputes.
This is the most important purchase and decision you may ever make, why things like this have never been explained in schooling or anything like that is beyond me. That is why it is important to work with an experienced, knowledgeable mortgage broker and make sure you fully understand the process you are about to embark upon.
