Many people don’t know that a mortgage lender checks an applicant’s credit when an application is submitted and again before closing.
If you get approved for a loan, then spend money on big-ticket items, a lower credit score and higher balances may cause the lender to reject your application.
Don’t use credit cards for unnecessary expenses until after closing. Postpone major purchases if possible.
Don’t apply for a new credit card while shopping for a home. Too many hard inquiries could reduce your chance of getting a mortgage.
Don’t use all your savings for a down payment. Keep some money for furniture, appliances or emergencies.
