Will it adversely affect my credit score if I put off on buying a home?
Recently, my wife and I have been looking into buying a home - I have very good credit, only a small number of outstanding debts (,000 car loan, 00/mo rent, and credit cards I pay off every month) and the strong desire to own my property and build equity.
The one thing we don't have - A down payment. And while there are services to help us with that, they're mostly savings programs that require us to put that money away for X years before we can touch it.
So, we're considering putting off the actual purchase of the home for awhile - but I've already consulted a few Credit Unions to find out what kind of Mortgage we could get - and even got documentation for pre-approval from one.
I'm worried that if I push out our purchase date to next year, that we're going to lose a lot of good faith in the credit union, and get a much worse offer down the line. Should I be concerned about this? And if so, is there anything I can do to save my credit score?
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No. Your credit score won't be impacted by doing nothing (assuming, of course, that nothing else material changes). You could get pre-qualified through a dozen different banks and mortgage brokers without impacting your credit score. And you could sit on all those pre-qualifications as long as you want.
Your credit union will be more than happy to pre-qualify you again for a mortgage in a month, in 6 months, or in 5 years. There is no good faith to lose here. The credit union would, of course, love for you to sign up for a mortgage today. But they'll be just as happy for you to sign up for a mortgage tomorrow.
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