Home Buying in Dayton>Question Details

Sheola26, Home Buyer in Dayton, TX

if i opened an account before closing will that keep me from getting the loan in Texas

Asked by Sheola26, Dayton, TX Mon Oct 18, 2010

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Main issue what type of account? You need confer with mortgage broker who is working on your behalf.

IN MOST INSTANCES it will lower your credit scores HOWEVER may not have much of impact whether or not if you qualify for a loan.

Most lenders prefer not see a person is opening accounts while trying purchase a home. Wait till afer you closed on home keys are in your hands prior applying for any other type of credit

GREAT QUESTION

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Mon Oct 18, 2010
You have to disclose this to your loan officer.....
You WILL sign something at closing that asks if you have opened any accounts....
Sign yes.... deal goes back to underwriting.
Sign no... you commit Mortgage Fraud which carries various penalties.
1 vote Thank Flag Link Mon Oct 18, 2010
What kind of account? Credit card account, checking account? You really need to talk to your loan officer ASAP.
1 vote Thank Flag Link Mon Oct 18, 2010
Sheola, If it's possible to wait I would. I've just had a seller that was hugely dissapointed when the buyer 2 days before closing bought some furniture. It through their debt to income ratios off and, fortunately for everyone, only caused a two week delay simply because the lender had one other option.

Good luck!
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Mon Oct 18, 2010
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