Credit Bumps that Delay Closings. It was 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 subject again. It is those bumps that can alter your credit worthiness for awhile but especially if you are in the process of buying a Rhode Island home.
A couple of the dinner party guests were talking about someone they 'Knew' (not them they said) who had an unpleasant experience with a home closing due to a credit issue.
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. 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. 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 from a house party 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 at this home and you are ready to make that move, so stay lean and mean in the credit area during this time frame. This North Kingstown Realtor wants to help you make it to your new home now! If you need good guidance for the home buying experience, call me at 401.529.7849. Credit Bumsp that Delay Closings.
Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman a purveyor of Fine Waterfront RI Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond ... I sell dreams! because there is no place like home...the RI Realtor in the Sparkly Red Shoes.
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cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor