Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
Re: Mortgage docs - explanation of inquiries ??

Just explain the facts.

 

Whether or not it will have an affect is up in the air.  If your file is really strong it will not matter at all.  Underwriters do not like to see any new credit lines right before getting a home loan.  If your file is marginal or your DTI is pretty tight, they are going to be worried about why you need 20K in extra credit and whether or not if you do run those balances up if you could still pay.   In a case such as that they may want to see those credit lines age a little bit and develop some history prior to a loan.

 

Again though, if your file is strong, this should not be a big issue at all.