Top 10 Credit Do’s and Don’ts during the Loan Process when purchasing a home in Wilmington, NC
Wilmington, NC lenders have recommended the following helpful tips to avoid making mistakes when borrowing money for your new home in Wilmington, NC:
1. Don’t apply for new credit of ANY kind including those “pre-approved” credit invitations.
2. Don’t pay off collections or charge-offs during the loan process.
3. Don’t close credit card accounts…just continue to make regular payments that exceed the minimum amount due.
4. Don’t max out or go over limit on your credit cards for any reason during the mortgage loan process in Wilmington, NC.
5. Don’t consolidate your debt into 1 or 2 credit card accounts…this will bring your credit score down by 50-100 points!
6. Don’t do anything to cause a red flag to be raised on your credit score…such as co-signing a loan, adding a new account or even changing your name and address with the credit bureaus.
7. Do join a credit watch program to check your credit score weekly or even daily.
8. Do stay current on existing credit accounts. Being even one day late can hurt your credit score by 30-75 points.
9. Do continue to use your credit as normal so that there doesn’t appear to be a change in your pattern.
10. Do call your mortgage loan counselor if you receive something from a creditor or collection agency that may affect your credit score during the loan process.
Buying a home in Wilmington, NC can be a smooth process if you follow these loan guidelines. Happy Wilmington house hunting!