Good Credit & Getting A Mortgage Loan – If You Have Good Credit, Make Sure You Do These Things
Whether you are buying a new home, refinancing or getting a home equity loan, your credit report is perhaps the most significant factor in determining your mortgage applications approval, interest rate and monthly payment. It is important that borrowers do everything they can to protect their situation during the application phase. There are a few recommendations for borrowers while their paperwork is being processed that are designed to ensure they receive the best possible rates and terms.
Very simply, it is essential that borrowers do not jeopardize their chances of the best possible rate and terms during the application phase of the mortgage, therefore they should refrain from any financial activity that will significantly alter their credit profile. For example, mortgage applicants should not apply for, or accept, any new credit cards or other loans while their mortgage paperwork is being processed. They should delay any major purchases, such as cars, until after they have settled on their property and signed all applicable mortgage...
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