***Search All Denver Homes Here***
New Mortgage Rules on Credit Scores - This is Important

New Mortgage Rules on Credit Scores - This is Important

by Brian Petrelli 1. June 2010 13:29
There is a big change coming this month, so if you or someone you know is buying a home or refinancing, pay attention.We've just been informed that in addition to pulling your credit score during the application phase of a mortgage, lenders will now be pulling your credit score the day of or day before closing as well. This means that if you even applied for a new line of credit, credit card, etc, your score new mortgage could be in jeopardy. It's very common for a buyer to be days away from closing and decide to go to the furniture store or electronics store to start shopping for the new home. If you open a new line of credit and it impacts your score or even your debt ratios, your closing could fall through.Even if your lender tells you that everything looks great, just wait until you close before you by that new sofa!

 

Tags: ,

Denver Real Estate Market News | mortgages

E-mail | Kick it! | DZone it! | del.icio.us
Permalink | Comments (0) | Post RSSRSS comment feed

Powered by BlogEngine.NET 1.4.5.0
Theme by Mads Kristensen


The Brian Petrelli team focuses on residential real estate in the Metro Denver area.

We're a pretty big deal ;)

Follow Us On Facebook

The Brian Petrelli Team