As home prices continue to rise and mortgage rates creep above 4%, home buyers are jumping into the market as sellers move off the sidelines. But strict lending standards have complicated the home-buying process.
Even if you have the down payment for a new house, that might not be enough to move into your dream house. Despite the uptick in the housing market, banks are using much more stringent standards when making a mortgage loan.
It’s not just the expected problems like late payments, charge-offs, collection accounts or judgments against you that can prevent securing a mortgage. More common events might stop you from making your dream home become a reality.
Here are 10 events that can hurt your credit score and how to prevent them:
Your credit has been checked too often. Applying for credit cards or loans can shave precious points off your credit score. And if you’re close to the threshold between a “good” or “fair” credit score, even a few points can be the difference between qualifying for a loan.