Did you know that as of June 1st, 2010, Lenders are now required to pull your credit again right before the close of escrow?
What does that mean to you??? Well if you’ve taken out new lines of credit (say you bought appliances or furniture) that could kill your deal. Why? The reason is the lender is basing your approval off of the original credit report they pulled at the beginning of the loan process. They want to make sure that everything in your financial situation has remained the same before they fund your loan. So, please if you want the house…hold off on the new sofa or fridge until after the close because it could mean, deal or no deal.
Information from First Tuesday article below: