New Credit Card Charges Matter

Arizona mortgage applicants for the most part know that getting a new car loan or opening a new credit card is a "no-no" during the mortgage approval process.  However, what many of them do not know is that making "large" or "significant" charges on existing credit cards during the Phoenix home loan approval phase can now cause challenges with mortgage approval.   Fannie Mae and Freddie Mac are now taking an even bigger magnifying glass out of the bag when it comes to a borrower's debt … [Read more...]