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Protect Your Credit Score When Applying For a Mortgage

June 25, 2018 8:07 pm
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Protecting your credit score during the home loan process is important.

Your loan interest rate and loan costs could be altered by even a marginal change!

  • Make payments on time. Keep up with current bills and avoid delinquent and late payments.
  • When possible, pay off your total balance instead of just making a minimum payment.
  • Stay employed at your current job. A change now can impact your credit score and delay or derail your loan application.
Things You Should NOT Do:
  • Apply for new credit. This will definitely affect your score.
  • Make  large purchases. This includes buying furniture for your new home! Wait until your loan closes to buy a new living room set or appliances.
  • Deposit  large amounts of cash, unless you can track its origin thoroughly and it’s allowed within your loan guidelines.

 

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This post was written by Trulend Mortgage