If you are in the process of buying, selling, or refinancing your home…
Make sure you make your current mortgage payment, even if you think that your new loan will close before the payment on the old loan is due.
One in three instances the new financing company will not payoff your current mortgage on time, which can result in a 30 day late. We have had three instances of that in one week which resulted in the purchase of the second home falling out of escrow.
A new 30 day late reporting on your credit report will result in the loss of 60 to 80 points and can in many cases, red flag your new mortgage underwriting process and keep you from qualifying.
Imagine having already sold your home to a new buyer and then not being able to qualify to purchase your new home because of your new damaged credit. Don’t let it happen to you!!