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.
- 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.
Tags: credit, credit score, first time homebuyer, homebuyer, personal finance, tips
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This post was written by Trulend Mortgage