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    Last Minute Credit Checks Shouldn’t Be a Surprise

    Credit Checks and Home Buying

    Don’t say we didn’t warn you that the details matter when you are buying a home…

    We’ve advised New Orleans home buyers before about not going on a shopping spree between getting their loan approval and actually moving into their new house.  Recently, I was chatting with an agent who told me a story about a home purchase that fell apart only 3 days before the closing because the buyers neglected to keep all of their accounts current.

    credit check surprises

    The buyer was extremely upset with their REALTOR, although how that agent could have been responsible or prevented this remains a little fuzzy to me.

    Anytime you make a late payment that is reported to any of the credit bureau agencies, your credit score will suffer.  If you are just barely squeaking by when you originally qualify for a mortgage, a couple of late payments can mean the difference between being a homeowner and being a tenant.

    Lenders are commonly pulling new credit bureau reports shortly before closings and there are many ways that you can get caught in a bad spot.  Here are the down and dirty rules you need to follow once you have been approved for a mortgage:

    • DON’T go out and run up your credit card balances
    • DON’T change jobs without discussing it with your lender
    • DON’T take on any new debt – no new credit cards, no new car, nothing, nada, zilch
    • DON’T forget to pay your bills.  On time.  Every time.




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