Using credit before closing
By Ken Hollerud
 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.
About the Author
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| Ken Hollerud, RE/MAX Results
3950 3rd Street North
Saint Cloud, MN 56303
320-249-1111
Contact Author: request info
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