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Protect Your Credit Score During the Loan Process

Protect Your Credit Score During the Loan Process

CategoriesCredit & Economics / Video

Rebecca Squyres

June 25, 2018

Protecting your credit score is critical when you’re in the process of buying a new home.

Your rate and loan costs could be affected by even a slight change – adding to the list of reasons to protect your credit score.

Be sure to:

  • Make payments on time. Keep up with your current bills and avoid late payments.
  • When possible, pay off the total balance instead of just making the minimum payment required.
  • Stay at your current job. A change now can affect your credit score and delay or derail your loan application.

Be sure NOT to:

  • Apply for new credit. This will definitely impact your score.
  • Make any large purchases. This includes buying items for your new home! Wait until your loan closes to purchase a new living room set or appliances.
  • Deposit a large amount of cash, unless you can track its origin thoroughly and it’s allowed within your loan parameters.

Your credit report may be pulled several times throughout the course of processing your home loan, so keep the above advice in mind. And always be sure to inform your loan officer of any changes to your income, debts, purchases, or other financial matters. Watch the GMFS Mortgage video below to learn how to protect your credit score and keep the home buying process smooth and stress-free!

https://gmfsmortgage.com/wp-content/uploads/2018/06/GMFS-Protecting-Your-Credit-Score.mp4

 

Contact your local GMFS Mortgage Loan Officer today!

Learn more about the Home Loan Process. 

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Equal Housing Lender. ©2017 GMFS LLC. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

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