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Keep Credit In Line When Buying a Home
For most potential buyers in the real estate market, it has been advised (if not drilled into them) to avoid making any major purchases before applying for a loan or mortgage. Some folks, however, may think that once they've applied and been approved, that they are in the clear.
Not so, says an associate from Keller Williams Realty in Plano, TX. Especially with many buyers anxious to qualify for the first time homebuyer tax credit, it's imperative that buyers be smart, and save the shopping for later. Lenders who check a buyer's credit before closing day can potentially be scared off by borrowers looking into more debt (i.e., credit cards), or taking on large purchases (furniture, electronics). As a general rule of thumb, keep the credit inquiries and shopping at bay until closing day passes - you will be able to buy yourself some peace of mind instead!
Courtesy of The Associated Press, Information Inc., FAR
