Buying a second home in Boulder

Yes, no, and maybe. While in the mortgage process, you really shouldn't be doing anything to change your credit profile, which primarily means do not take on any new debt. no new cars, no new credit cards, no new furniture loans, and no new money to replace a roof. This is because the mortgage world has taken a snapshot of your situation, and is underwriting based off of that. Any changes may effect your debt ratio, and may be a non-issue, or may get your loan denied. With that said, if you really really need to do it now, consult your Loan officer first to see if the new debt will cause approval problems. Assuming it doesn't, you will have to write a letter of explanation about the new inquiry on your credit report, and provide all the paperwork from the new debt to the lender (proof of payment, etc), so they can properly document and add the new debt to your debt ratio. I lend for homes in MN, WI, IA, ND, SD. I can be found at JoeMetzler.com - Cambria Mortgage, NMLS 274132