When purchasing a home, if you plan to finance, your lending company will evaluate your credit. Based on your credit rating, they will offer you an interest rate and terms (hopefully!). Many buyers do the following things during the loan application process and accidentally sabotage themselves! So my friends:
- Do NOT change jobs, become self employed or quit your job.
- Do NOT purchase a new vehicle, furniture or other large ticket items.
- Do NOT use charge cards excessively or let your accounts fall behind.
- DO NOT omit debts or liabilities from your loan application.
- Do NOT originate any inquires into your credit (except the free reports).
- Do NOT switch banks or move your money around.
- Do NOT co-sign a loan for anyone.