Is it ok to apply for credit elsewhere during this process?
You can, but it’s definitely not recommended. Applying for new credit could negatively impact your credit score and actually getting new credit or a loan could impact your debt-to-income ratio and disqualify you for the loan. We do monitor for these changes until the loan is closed. So it’s probably best to wait until after your loan is closed to apply for new credit.
Updated on: 14/04/2023