Refinancing Home Mortgage
In: Mortgage Lenders
1 Jun 2010will that look bad to the mortgage lender? I think it will, but my friend said I shouldn’t worry about it. What do you think? Don’t use the credit card or use the credit card?
This is about mortgage information questions.
3 Responses to If I just applied for a home loan, can I still use my credit card to make a $700. 00 medical bill charge, or?
Laura B
June 1st, 2010 at 10:01 pm
my agent has always said do not touch your credit when getting a home loan wait tell you sign papers on house and it records first
Scott S
June 1st, 2010 at 10:24 pm
I depends on the charge limit on your credit card. Once you go over 50% of the limit that is when it has the most impact on your credit score. It also depends on your credit score, if it is over 700 then you probably don’t need to worry about it.
Check with the mortgage lender to see when they will be drawing your credit report, they probably will do it once when you apply and then once right before closing. Another option would be to ask for a forebearance on the medical bill until you close on the house, you’d be amazed what hospitals are willing to do when it comes to billing.
financing_loans
June 1st, 2010 at 11:16 pm
I agree with Laura. I fired a loan officer once that told a client to go get a cash out for a down payment. The loan officer said it wont show for a couple months. He was right, other then the fact it was loan fraud.
I suggest waiting until after your sign and record as Laura said. If it has to be paid now see what your payment will do. It might not even affect your loan qualifications.
Have fun in your new house.