Shockingly, enough people still do things that can cause themselves heartache when applying for mortgages. Here’s what you need to know if you’re thinking about buying a home in 2017.
Your ability to buy a home rests on the numbers and documentation your mortgage lender has. If there is a change to any of these, your chances of buying a home can be jeopardized. This means that when there is a change to your credit, debit, income assets, or job during the escrow process, you might not be able to buy that house and you’ll risk losing your money. Here are five things to watch out for.
1. Applying for Credit
After you get a contract to buy your house, it’s best not to apply for any credit. This means not applying for car loans, credit cards, utility bills, cell phone bills or any other form of credit whatsoever. Doing so could change your credit score and impact your rate lock and/or fees associated with closing on the house.