Is Your Mortgage Lender Double-Checking Your Credit Score?

Being in the mortgage business, I have seen this many times, even with my own clients. One of the first things I tell my buyers is to not let ANYONE pull their credit until after they close on their home. Most times they listen, but there have been a few that did not heed the message and got caught up in a mess trying to close on their property. One of the loan officers I have worked with in the past had a client that went out and purchased $10,000 worth of furniture for their new home. Their credit was pulled the actual day of closing, and the loan was pulled back. They had to scramble and return all their furniture, get the furniture company to close their account and get the credit bureaus to update their reports. It was a mess. I have gone so far as to ask the Realtors I work with on a regular basis to listen for signs of ?mad? shopping sprees from buyers. I had one call today telling me a client we are working with was out looking for a new car. I immediately called and reminded them to not do anything until they closed on their home. Car dealers and lenders are probably not going to do what the aforementioned furniture company did. It is rare that you can actually undo the damage. So, please be aware of this possibility and just don't take the chance. It?s not worth the risk.

I real life situation from a loan officer! Thank you for sharing your story!