A reminder to those of you purchasing or refinancing a home….

DO NOT USE YOUR CREDIT CARDS after you have started the loan process.  A good % to remember….keep your balances below 30% of the total credit available.  If you go over that, your fico score will drop and you could have a change in the terms of your mortgage loan.  In some cases, you may not qualify any longer.

Yes folks…Fannie Mae is now going to require, from the lender that is selling your loan to them, a credit report pulled prior to funding.  We as brokers pull our credit report and many times the lender will pull it when the loan is submitted and they will pull again right before closing.

American Express reports the high balance on your cards for the month since they don’t usually have a spending limit set for your card.  That makes it look like you have maxed out your card and your ficos can really fall.