Beginning June 1, mortgage lenders are likely to order a second full credit screening immediately before closing. The last-minute credit report will be designed to find out whether a borrower has obtained — or even shopped for — new debt between the date of your loan application and the closing. If a borrower has made applications for credit of any type — for furnishings and appliances for the new house, a car, landscaping, a home equity line, a new credit card — the closing could be put on hold pending additional research by the lender.
0 minute readLenders likely to order second, last-minute credit report before closing on a mortgage
May 17, 2010, 9:36am
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
