So you are under contract buying a house, Congratulations! That is an exciting thing. There are some things you need to be aware of when it comes to your loan application and going through underwriting, this video goes over 5 quick tips for you!
1- No large purchases - Don't go buy a car, go on a shopping spree, spend a bunch of savings that you will need for closing costs, etc.
2- Don't co-sign on any loans for ANYONE. Even if you are not paying on the loan, the credit inquiry as well as the new loan will negatively hit your credit.
3- Don't apply for new credit (cards) this has a negative impact on your credit score and can impact your debt to income (DTI) ratio if you are buying
4- Don't close any bank accounts (or open new ones!) as well as no large deposits, your lender will need them verified and that can in some cases cause complications.
5- Don't close any credit accounts (or open new ones!) This seems backwards but it is the way the credit system works, and sometimes you have to work the system.
If you have any questions about the home buying or loan process give us a call at 863-333-5053 (or text) and we can help you out!