Will a credit card application today affect closing on a home tomorrow?
January 30, 2009 - I'm closing on a house tomorrow. Will my credit card application that went through today (rejected, btw) affect anything tomorrow? Or is it safe to assume all of the loan stuff is pretty much done, we just have to sign the papers? I have no credit history.
We're signing the papers tonight, but since it's after business hours they said it won't go through until tomorrow. Does this make any difference?
It is not safe to say that everything is done and you very well could have prevented yourself from obtaining a loan. You need to contact your L.O. right away and explain what you have don and that it was declined. This way they can give the information to the under writter to show your good will at being transparent in the loan process. It is always a mistake to apply for any form of credit while you are trying to obtain a home loan. If you really want to have a chance to buy a home do not do anything that will change the parameters given that you obtained your loan pre-approval on.
- You'll be okay unless the lender runs a last minute credit check. realtor.sailor
If your credit was pulled over a month ago the mortgage company many times will re-pull before closing. Didn't your loan officer tell you not to buy anything or apply for credit prior to closing? I always tell my clients that. Most likely you are fine since it is only 1 day prior to closing though. Good luck!
- It should be done. You should have received a prelim copy of your HUD-1 settlement statement. As long as nothing from your application has changed, job, loans whatever, you should be fine.
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