Beginning on February 1st of the this year, Freddie Mac has begun to require lenders to look back 120 days into a buyer’s credit files to see there are any signs a buyer is applying for credit anywhere else. Then lenders must check to see if these applications were approved. If the lenders findings expose new debts, a buyer’s mortage loan could be affected. If this is the case your lender might have to revise the terms of your loan.
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