I have encountered harrowing experiences with home buyers while in the “under-contract” phase of Denver real estate deals. From seasoned home buying veterans to first time buyers – it easy to get caught up in the excitement of purchasing that new home and forget some key factors that might adversely affect your credit score.
This list is by no means meant to be condescending and it probably not exhaustive – just a refresher course on important reminders while you are under contract on your new home. Your credit will be under scrutiny until you turn over that cashier’s check and sign your final documents at the closing table…
Purchase nothing – no furniture, vehicles, barbeque grills….
Stay at your current job (no sudden quitting or deciding to become self-employed or even switching to another company)
Keep your financial accounts in order (don’t make large deposits, open new accounts, transfer funds between accounts, withdraw large deposits) or anything else that might trigger alarm bells
Don’t apply for new credit
Don’t spend the money you have saved for the home purchase
Don’t co-sign on a loan for anyoneWhen in doubt –
Call your lender to confirm that your financial decisions will not negatively impact your credit and ultimately the financing of your new home. For additional tips about closing a home in Denver, read the closing costs page on my site – Denver Relocation Broker.
Michelle A. Potter
RE/MAX Professionals
