Credit Check for Mortgage (loan, approved, credit card, rate)

[AppGirl82]

We were preapproved for a mortgage and then we locked our rate on Tuesday (when we locked, they checked our credit again--score used 744). We've now provided all the income and asset verification that they need. We close May 29. Will our mortgage company check our credit again between now and closing?

We have some furniture that we want to buy (~$4,000 on a credit card we already have) (no interest until 2012!!), but we want to make sure that it won't mess up anything with our mortgage (because it will increase our debt to income ratio and make that card much closer to its limit). Thanks!

[pennquaker09]

I would probably not put the furniture on a credit card, but instead finance through the furniture company. However, to answer your question, no they shouldn't check your credit score again.

[AppGirl82]

Well, it's financed through the credit card that you get when you finance through the company...we just already have one because we've purchased from them before. Thank you for the reply!

[renriq02]

DO NOT BUY ANY FURNITURE OR RUN UP YOUR CREDIT CARDS OR BUY A NEW CAR UNTIL YOU CLOSE!!!!!!!

I have had many lenders check credit the day of closing....
You will have brand new furniture but nowhere to put it in.

They check for a few things..

1. Who's been pulling your credit.
2. If they're any new debts on your credit file
3. What is your current score.

If you have a lot of recent inquiries on your credit file, then they may ask for a letter of explanation or may just deny you.

[stacylee926]

I have always heard never, never apply for anything or spend on cc after you apply for a mortgage. Go after closing and make your purchases.

I did that - bought a new couch after closing and it was delivered quickly.

Plus, you are closing near Memorial Day - there will be lots of sales on that weekend, probably including the same financing deal.

[Boomerang]

I agree with the posters who advise not to mess with your credit just yet.

There's a lot of crazy things going on these days with lenders; they're finally locking the barn door after the horse has galloped off into the sunset.

Do you really want to risk your current loan rate over the next 15-30 years just to buy furniture now instead of 8 weeks from now?

Congrats on the new house

[pennquaker09]

Yeah, I'll chime in and add that you should wait until after you close. That probably wasn't clear in my original post.

[kcam213]

When my parents bought their house back in the 60s the previous buyers got the mortgage approved, then bought a house full of furniture... then at the least minute was denied the mortgage.
my parents were then able to make an offer and buy their home.

Wait to get your keys, then go shopping.

Congratulations on your new home