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Using credit before closing

When looking to buy a home, do not get any new loans or use credit cards heavily. The pre-approval letter is just the beginning of the process. Once you get pre-approved, don’t run out to start buying things for your new home on credit.

Just before closing, most lenders will pull your credit again to re-examine your financial situation. If your credit has changed since the pre-approval, you may have a higher interest rate, or even worse, you may not get the loan.

It’s best to maintain your frugality even after living in the home for a few months to get an idea of how much it will cost you to live in your new home.

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About the Author

Ken Hollerud, RE/MAX Results
3950 3rd Street North
Saint Cloud, MN 56303

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