Home Loans

Whether you have good credit or bad credit, it is important not to apply for any other loans or credit cards within 6 months of your mortgage application -- with the exception of inquiries that were made in search of your new mortgage. You should also not obtain any new accounts that are reported on your credit report within a year of applying for a mortgage. Having either of these will make it harder for you to get your loan approved at the rate you want. The closer new inquiries or new accounts are to when you apply for you mortgage, the harder the process will become. This home loan tip is important because lenders, who are considering giving you a mortgage, want to know that you are completely financially stable and seeking new credit makes them question this.