Buying a home is the biggest purchase most people will ever make, yet many go into it unprepared. Here are the 6 most common, and costly, mistakes homebuyers make:
#2. Buying a car before a house
Anytime consumers open new credit accounts(credit card, auto loan, etc.) their FICO score could drop, so it is advised to not open other new accounts while your mortgage application is in process.
A big purchase would use up a considerable proportion of a borrower's total credit limit, resulting in a drop in the score. Lenders often continue to check credit scores in the weeks before closing.
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