photo credit: elycefeliz

There are so many tinny little things to keep track of when purchasing a new home, not to mention the larger issues. The details of the contract, the finances, the economy, interest rates, these are some of the many factors people need to be aware of when moving forward on the purchase of a home. But there may also be some other important details to consider when buying a home.

There are new policies effective June 1, 2010 that will affect how we proceed through our closing contracts, and how the banks look at us. When we get pre-approved we think we are in the clear and can possibly start purchasing other items on top of our home purchase. This is key! Avoid purchasing anything on credit before and during the time you submit your loan application and the closing of your home. Also, stay away from opening up new lines of credit during this time.

Banks are now required to refresh your credit report just before the close of the contract, and if you have made large purchases or opened up new lines of credit after you submitted your loan application this will change your credit worthiness, and you could be denied credit through your lender. In this economy its hard enough to obtain financing without putting up self imposed road blocks, as unintentional as they may be. Its a good idea to be as well equipped and prepared as possible when walking into a lenders office, learn everything you can about the process before you start the process.

Read more at RealtyTimes

Posted in Mortgage, Denver Colorado Real Estate, Real Estate Market Conditions, Real Estate Industry

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Your vote

Poor Excellent

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code