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theArtofMarketing Ultimate Buyers Guide

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| YourDomainHere.com | Name@Email-Address.com 18 Credit Mistaks to Avoid Once you have ofcially applied for a mortgage, there are a few critical issues to avoid before you close on your home. While you are, of course, eager to get started decorating, avoid making any large purchases before your closing. If you have any major life changes or need to make a substantial purchase, such as a new car, consult your lender rst. If your job or employment status changes, share that with your lender as well. The best plan of action is to fully disclose any issues or concerns with your loan ofcer before you do anything nancial in nature. Below are some things to remember after you apply for a mortgage to help you avoid any issues with your loan. Do Not Co-Sign Any Other Loans for Anyone Even if you are only co-signing, signing on any loan makes you liable for the debt and adds the debt to your credit report. Regardless, if you are the one making the payments, your lender will add the debt to your bottom line. Do Not Deposit Cash into Your Bank Accounts Lenders must account for your money, and cash can be problematic to document. Discuss with your loan ofcer how to deposit cash if necessary. Do Not Make Any Large Purchases Any debt will add to your monthly obligations, thereby creating higher qualication requirements. The higher your debt to income ratio, the riskier your loan becomes, which may cause your loan to be denied. Do Not Open New Credit Cards or Apply for Any New Credit Any debt will appear on your credit report and impact your FICO® score. Your credit score and level of debt determines your interest rate. An increased score could increase your interest rate and maybe even jeopardize your loan approval. Do Not Change Bank Accounts Lenders must track your assets. Speak to your loan ofcer if you need to transfer or open any new bank accounts. Do Not Close Any Credit Accounts Having old credit lines with no balance will not hurt you but, closing those accounts might. Closing accounts has a negative impact on your credit score. Your length of credit history and percentage of available credit are essential factors in determining your score. Mistakes

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