Keep Credit Scores Safe Before a Mortgage

If you are thinking about a mortgage refinance or a home equity loan, there are certain things to avoid before applying for a loan that could reduce your credit score, which can raise the mortgage rates that lenders are able to offer you.

During the 60 Day Period Prior to a Mortgage Loan:

• Don’t apply for any new credit cards before a getting mortgage
• That includes not opening new accounts to transfer credit balances
• Running up credit card balances may drop credit scores
• Don’t buy a vehicle that requires getting new financing
• It is not a good idea to close accounts with or without a balance
• Do not allow any payments to go over 30 days late or to collection

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