Credit Bumps that Delay Closings

Credit Bumps that Delay Closings


It is a topic of conversation at a 50th birthday party of one of my clients the other night that got me going on this credit bump

Make credit decisions wisely during home buying process

Do not Put that Furniture on Your Credit Card Yet!

subject again.  It is those bumps that can alter your credit worthiness for awhile but especially if you are a home buyer in the process of home buying.

A couple of the dinner party guests were talking about someone they ‘Knew’ (was not them they insisted) who had an unpleasant experience with a home closing due to a credit issue before closing.

As I have said before in past blog posts if you are in the process of buying a home do not do anything silly like add to your credit balances by going out and buying items, buying new furniture for the house on credit, purchase an engagement ring on credit or take out a loan to buy another car,etc..  STOP right there. Don’t do it! WAIT until the day after your home closing and then add to your credit if you must.

One of the first conversations I have when a buyer puts that deposit on the home of choice is to have this conversation with them…and 9 times out of 10 they hear me.  But there is always that one that does not listen and rationalizes the purchase as if the lender will just understand the reason.  NO the lender does not understand or care.  It raises a red flag immediately.  In some cases it will delay the home purchase substantially, kill the deal (shame on you) or delay the closing.

Credit bumps that delay closings are just very stressful for all involved.  So if you are this home buyer it will just cause more than after dinner indigestion if you choose not to heed the words of your concerned real estate agent.  

Lenders pull credit not only at the beginning of the loan process but will do it shortly before the home closing…you can not be careless when making one of the largest purchases of your life.  You know you deserve the home, you have planned your next step in the future and you are just ready to make that move, so stay lean and mean in the credit area during this time frame.  This North Kingstown Real Estate agent wants to help you make it to your new home now!  Call me to help you navigate the pathways to home buying at 401.529.7849.  
 Credit Bumps that Delay Closings.
 Ginny Lacey Gorman is your go to North Kingstown Real Estate agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.
 As a North Kingstown short sale agent, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
   Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard.  When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.