What Not To Do During Home Buying Process

What Not To Do During Home Buying Process
The home buying process can be tricky at times. There are
definitely some things you need to avoid during this
process. I have seen all kinds of nightmares because
someone did not listen to their loan officer. I will give
some you exactly what not do in this articles so your loan
and credit score is not affected.

Late payments
During the home buying process make absolute sure you are
not late on anything. If you have a late payment on
anything that reports to your credit report your credit
score will be affected. In return an underwriter will see
this and your loan could be dead as a result. Late payments
on any obligations that reports to your credit report will
drop your score between 100 to 150 points. "Don't be late
on anything."

Don't buy anything on Credit

While you are going through the home buying process you
don't want to take on anymore debt, this could affect your
loan. That means don't go out and put furniture on credit
for your new home until you have closed and funded on the
loan. Don't put anything on credit period.

Don't co-sign on a loan for anyone

While you are in the process of getting a loan, don't
co-sign on any note. This could cause your loan to get
denied. When you co-sign on a loan, then you are equally
responsible for the new obligation. This could lower your
credit score, and also cause income to debt ratio problems
as well.

Don't quit your JOB

Ok, you might think this is a joke, but we have actually
had borrowers quit their job thinking we would not find
out. Well, guess what we will. Don't quit your job during
the home buying process; underwriters do last minute job
verifications before loan documents go out to the title
company for a closing.

I hope this has been advice you got prior to doing any of
the above. You could definitely have some major problems.
Maybe you have not even started the loan process, and this
will be good advice for you. What ever your situation is,
make sure you are on top of your credit report and scores.
Your credit scores could be affected by any of the topics
discussed in the article.Remember your credit is your
life.If you dont manage it properly, you will have major
problems during todays times.

----------------------------------------------------
About the Author: Mike Clover is the owner of
http://www.creditscorequick.com/ . CreditScoreQuick.com is
the one of the most unique on-line resources for free
credit score report, fico score, Internet identity theft
software, secure credit cards, and a BlOG with a wealth of
personal credit information. The information within this
website is written by professionals that know about credit,
and what determines ones credit worthiness.