Charleston mortgage loan standards tightening [as the pendulum swings]
So you think your mortgage loan approval is "good to go" and you can close on the home you plan to buy in Charleston.
Not so fast.
We all know that loan standards have tightened considerably since the days that fogging a mirror was good enough to qualify for a mortgage. And that's not a bad thing.
But typically, when buyers are nearing closing, they are also making plans to furnish their home and sometimes, they might start buying things too early (like before closing) and that is where the problem is.
Underwriting may now pull a credit report just before closing and if there are any material changes to your credit score or debt ratio, you could jeopardize your mortgage loan. So don't buy a new car or boat for no good reason whatsoever and more commonly, don't start shopping for that new front load washer and dryer you've always wanted or the giant flat screen TV that will be just perfect in the new family room until after you close on your home.
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