Group of household appliances on a white backgroundHere is another case in the files of  Steve Sheldon’s “The Ugly Truth About Mortgages”  

Lets pretend you are someone looking for Albuquerque Mortgage Rates so you can buy your dream home.  Low and behold you find Steve Sheldon at Superior Mortgage Services in Albuquerque New Mexico.  At the beginning of the mortgage process,  Steve pulls your credit to verify your credit scores and current debt structure.  He loads the loan into the system and yes, you are approved,  your Realtor is notified, a pre-approval letter is issued,  you find the house of your dreams and your offer is accepted.

You as a borrower think that since your credit has been pulled and you have already been approved and you have a signed contract that you are now free to go buy that new washer and dryer for your new house.  In fact, the local retailer is offering zero interest on their credit card if you buy this weekend and open up a credit card with said retailer.  You think to yourself, “Why not? My lender already has my credit report.  It shouldn’t hurt a thing.” right?

Quite the contrary, now a days, lenders must pull what is known in the industry as a “Credit Refresh” to warrant your exact debt structure at the time of closing.  If any new debts or credit inquiries are discovered in the Credit Refresh process, these new debts must be taken into consideration and added to your debt structure.   This new debt could possibly put your qualification for your new home purchase into jeopardy and in fact, you may not be able to buy that dream home.  So play it smart from now on and wait before having any other credit inquiries, or new credit purchases,  until after you receive the keys and move in to your new home, as this can all affect your mortgage loan approval.

There you have it, another case from Steve Sheldon’s “The Ugly Truth About Mortgages”.


For the best Albuquerque Mortgage Rates Call Steve Sheldon. Don’t forget if you or any of your friends and family are interested in Albuquerque MortgagesSanta Fe Mortgages, or any mortgage in New Mexico contact Steve Sheldon at Superior Mortgage ServicesLLC

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