This good habit could squelch your home loan

Posted by Bonnie Martin Designated Broker on Thursday, January 2nd, 2014 at 10:59pm.

bank__olegdoroshin_450realestate.msn.com - Here's a scenario that might surprise you: Your credit cards don't have balances, yet your mortgage application can still be in jeopardy. Doesn't make sense, right? Yet here's an obstacle lenders encounter when trying to qualify you for a mortgage and you have credit card payments.

Many consumers are responsible, paying in full their monthly credit card purchases. At the beginning of the following month, they run up the card again with purchases and then pay it off again in full. Sounds like a responsible credit card habit, doesn't it?

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Photo:  ©[Oleg Doroshin]/123RF.COM

 

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