Hello! We are closing on a house in about one week. We have heard that sometimes lenders recheck your credit history again before closing , so we were just wondering if that is always the case and if so how soon before closing will they do it? It was about three weeks ago when they first pulled our credit and secured our loan... we had credit score of 714. We have got the gas and water, ect. scheduled to be turned on and they all pulled our credit also we need refrigerator and furniture but we are worried about our score being lowered. Any info would be great!
2007-05-19 00:21:49 · 6 answers · asked by sweetgirl 4 in Business & Finance ➔ Renting & Real Estate
Most lenders will run a last-minute credit check prior to closing to insure that nothing drastic has changed in your credit history. I always warn prospective buyers to not make any major financial moves, such as taking on a car loan, a large purchase on a credit card, a NEW credit card, or anything similar which can possibly interfere with that last minute credit check.
Not long ago, I had a client who actually had their approval reversed because they headed out buying new furniture (a lot of it) for their new house, and put it on their credit card. Regardless of whether or not you are approved, lenders reserve the right to reverse such approval if you make major changes to your credit file by doing such purchases.
2007-05-19 02:42:17 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Unless you have made a major purchase that will effect your Debt to income, you have nothing to worry about. Your 714 credit score is excellent, and a swing of a couple of points, one way or the other, will not impact your loan.
2007-05-19 01:55:48 · answer #2 · answered by mibanker 3 · 1⤊ 2⤋
Until the loan funds, you have a chance of being denied. Wait until the transaction is done before you make any major purchases.
2007-05-19 04:13:06 · answer #3 · answered by godged 7 · 1⤊ 0⤋
from what i've heard, if you make major credit card purchases before closing, you can be denied.
2007-05-19 00:55:41 · answer #4 · answered by nilo10107 1 · 0⤊ 0⤋
I think it will vary depending on the lender. You best bet is to ask your lender.
2007-05-19 01:44:04 · answer #5 · answered by Michael Iarrobino 2 · 0⤊ 0⤋
If you have already been approved for the loan you have nothing to worry about.
2007-05-19 00:34:52 · answer #6 · answered by Dixie 6 · 0⤊ 1⤋