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It's important to remember that credit needs to be pulled twice for most mortgage transactions these days: once when the loan is pre-approved, and again right before the closing. If any new credit inquiries show up on the second credit report, then they have to be explained before the loan can close.

Many people apply for new credit cards at this time of year because of all the holiday shopping. Those credit inquiries will show up on a credit report.

If one of your buyers has a question regarding new credit accounts and how that will affect their ability to close their loan, make sure you tell them to consult with their lender before opening any new accounts.