They got what?!
by Donna Cox
Mortgage rates have been holding steady and are astoundingly low. And while most qualified buyers ARE able to get a mortgage, banks have certainly tightened their lending guidelines. When buying a home, keeping your credit rating intact and your financial situation as it was when you were approved for a mortgage are imperative. Don’t apply for new credit cards or make large purchases between the time you apply for a loan and the day the mortgage closes. Also, avoid closing existing credit card accounts and withdrawing or depositing large sums of money. Don’t change jobs prior to closing. It is likely your bank will re-check your credit score and re-verify your employment the day of the closing. You could be turned down for the mortgage at the last hour if your credit score drops, your debt-to-income ratio exceeds the banks guidelines or your employment situation changes. It is advisable to speak with your lender before making any financial decisions prior to closing. Follow these guidelines and you increase your chances of a smooth and successful closing and will be on your way to enjoying life in your new home. With that, here are the homes that sold in May.