Over the years we’ve seen some pretty crazy things happen during the mortgage process. Some of the more vexing stories have to do with our Borrower’s credit score lowering so drastically that it impacts their loan term. Don’t let this be you. It isn’t fun. So learn from mistakes past and protect yourself and your credit. Here’s how:
- Don’t change jobs or become self-employed.
- Don’t buy a new car or truck (unless you plan to live in it).
- Don’t rack up credit card debt or fall behind on your payments.
- Don’t spend the money you saved for the down payment, get a gift for closing, or take out a Retirement Loan before consulting with your Peoples Mortgage Banker.
- Don’t buy furniture for your new home until you’ve closed on it.
- Don’t originate new inquiries on your credit report.
- Don’t make large deposits into your bank account that you cannot document. You will be required to document each large deposit that is not payroll related.
- Don’t change bank accounts.
- Don’t co-sign for anyone.
- Don’t make any large purchases until after closing.
And remember to talk to your Banker if there is anything on this list that may affect you. We’re here to help.