New Home Loans

by | Aug 16, 2021 | Ask CMS Homes | 0 comments

New Home Loans

Before your new home starts one of the steps to complete is getting a loan commitment from your “end loan” lender. From that point until you close on your new home it becomes important not to do something that would invalidate that loan commitment. Below are a few common mistakes people make that could potentially invalidate their loan commitment causing them to lose their dream home.

  • Having anyone make additional inquiries into your credit
  • Applying for other new loans such as auto loans, mortgages, or credit cards
  • Making a major purchase major purchases using credit cards
  • Purchasing anything (i.e. electronics, furniture etc.) at some “no interest” sales promotion
  • Changing your job or take a less-paying position without first talking to your lender.
  • Close any bank accounts, pay off any collections or make large deposits without first talking to your lender.
  • Write a check that bounces.

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