If you are buying a home with a mortgage please don't stop reading:
I am a real estate agent and not a mortgage broker but it is important to chat with clients and ensure that they don't jeopordize their deals by making decisions which affect their credit scores.
When you are looking for a home and want to ensure that you get the best possible mortagage rate now is the time to reign in on expenses.
You have found a home and have a GFE or better said good faith estimate in hand,
Don't go out to the stores and shop for your home using plastic or take advantage of those 0% offers.
It is not yet the time to buy appliances and furniture for your new home.
Don't buy or lease a new car - The car you buy after closing will look even better on your new driveway.
Don't open new credit cards or lines of credits
Try to cut back on any unnecessary spending such as eating out and buying things you don't need.
This is not the time to go on a cruise, it's the time to save.
Banks and mortgage companies are very stringent nowadays and let's say your credit score drops and you are suddenly in a different category your cost of mortgage can go up and the amount of money a financial institution is wiling to lend can go down.
It's a little like studying for an exam the difference between pass and fail may just be a few points.
One night less partying and one chapter more read may be the difference between a rosier future or not. Don't give up. You have come so far and you are so close to moving in to your home. Don't let a mortgage problem come between you and the closing
Of course if you have hundreds of thousands in the bank or a cash buyer this is not an issue for you but for most of us it is and a few points can cause you to be priced out of a home now Â and possibly for many years to come.Here is a great link to an article on how the credit score issue works pertaining to a mortgage which I found on LinkedinÂ
DECORUS REALTY LLC