A Second Credit Check Will Be Done Near the Close of Escrow!

Lenders are now requiring an additional credit check  near the close of escrow to confirm there is no new debt.

The prior to funding credit check does not pull new credit scores, so you don’t have to worry about the score changing and messing everything up. 

We are now ready to begin this process.  We will start pulling these credit checks within 10 days prior to funding and will making sure that ratios still work if any new debt has been obtained. 

The best thing that a loan officer can do to help their borrowers not to stumble on this hurdle is to let them know at the beginning of the loan process about this and the importance of not taking on significant new debt unless they are well qualified and it will not hurt their profile.  Remind them of this as they continue through the loan process.