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I have. Pre approval when we buy a house what if our credit report changes what happen then

We have a pre approval and I was reading the mortgage company pulls ur credit again. If our score changes does that affect our pre approval or no????
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October 07 2012 - Monroe
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Forget "don't do anything major"... don't do ANYTHING.  Once you apply for a loan - or even a pre-approval - don't open a store credit card, don't take out another loan, don't change your utility providers, don't do anything.

Of course people do do things all the time, but you're going to have to explain them/etc.  Best bet is not to do anything that hits your credit.

That being said, as others have said, a pre-approval isn't a guarantee anyway.

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This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.

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October 11 2012
Our company does a "soft pull" two days prior to closing to make sure no new accounts have been opened. If so you must re-qualify with the new debt ratio. We always advise at application, not to incur any new debt.
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October 08 2012
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Preapproval is only a starting point, and not an absolute guarantee.  It is simply a line in the sand saying "the day this preapproval was given, with the info provided by the client, the client would be approved for a loan of xxxx dollars".   It does not say "no matter what happens, we guarantee that the client will get a loan".   

What can change?     Major purchases (car, washing machine, furniture etc) so credit card balances increase, other loans are incurred or other debts appear.    Or, income changes.   So, during preapproval make sure everything is described so the secrets don't come back and zap you, and don't make any major purchases from the time of preapproval until you close on the house (i.e. money transferred to seller) and have keys in hand.
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October 07 2012
Profile picture for SoCal_Engr
My understanding is that a pre-approval is not a guarantee, which is why lenders don't want borrowers to do anything major (financially) until after the loan actually closes. However, the lender pulling another credit report to verify that nothing's changed shouldn't matter.
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October 07 2012
 
Related Questions
I have. Pre approval when we buy a house what if our credit report changes what happen then
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Latest answer by Daniel Hamad
October 11 2012 | 4 answers
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