Barb Schlinker The Real Estate Voice

I know people do not buy homes all that often in their lifetimes, so when they are on the process of buying a home, what are some things they can do to make sure their credit rating remains in good shape while buying a home? ●Yes you are right people do not do this every day.●What they may not know if that lenders will be checking their credit throughout the loan approval process all the way up until the day of closing.●So buyers need to be very careful about how they use credit during this time.●Here are some examples of home buyers that actually LOST their loan approval and had to wait a very long time before they could buy.Credit Score Management:1.What buyers need to know while shopping for a house:●Cars●Furniture●Appliances●No Payments for 6 Months show up on credit as if you owe the FULL BALANCE MONTHLY.1.So the recommendation is… Do not go buy any big ticket item on credit2.Mortgage lenders want to know about:●Large deposits●Track where the down payment and earnest deposit came from●I just had a discus