7 PERSONAL FINANCE QUESTIONS TO ASK YOURSELF BEFORE GETTING A MORTGAGE DR. TERESA R. MARTIN
7. Are you applying for other credit? Mortgage lenders can see applications for other types of loans on your
credit report.
• Applying for other types of credit while trying to get a mortgage can hurt your loan.
Mortgage companies view these applications as risks, so it’s better to wait before trying to get
another credit card.
• Applications for new credit lower your credit score and affect interest rates.
A mortgage is a responsibility that affects multiple areas of your financial life. Before you buy a house,
consider how your current financial situation will be affected and plan for emergencies.
Dr. Teresa R. Martin
Dr. Teresa R. Martin, Esq. is the founder of Real Estate Investors Association of NYC (REIA NYC).
REIA NYC (www.reianyc.org) is a premier real estate investment association serving the New York
City marketplace. Its primary focus and mission is “helping our members build, preserve, and harvest
multigenerational wealth” in the areas of real estate investments, business ownership and personal
development.