Getting Pre-Approved: I'm Scared!

[mAndrew1980]

Hi gang,

I work for a Real Estate company that my family owns. My family has decided to sell the building that I'm living in -- it's under contract and the earnest money has already gone hard (non-refundable) so it should close. My lease ends June 30th and so I've decided to buy a condo. I'm currently starting the pre-approval process with a small bank we have a long-standing relationship with.

What can I expect during this process? Hard pulls on each bureau now (for the pre-approval) and another hard pull on all three after we go under contract? I have a Chase United Mileage Plus card that will be hitting my reports after the first statement cuts (May 15th) that I told my bank rep about. She did not seem concerned, as long as I have little to no balance carried. The bank I'm dealing with is a lending institution so they will not be shopping me around.

My greatest fear is that I will have one of my skelatons in the closet resurface at some point during this process. I guess I'm just scared and nervous because my reports only became 100% clean about three weeks ago. Any insight on what I can expect on this process would be greatly appreciated!

[germaine47]

Most of us on this forum are having the same anxiety.  If you havent pulled all three reports, do so now.  I made sure there wasnt any monster lurking in the shadows but unfortunately for me there were.  My MB told me that they werent going to pull again but I think they will do a soft pull to make sure that there are no new accounts adding to DTI.  Be brave and go forth with your scores I think you will be fine, they are better than mine.

[mAndrew1980]

Thanks! I monitor all three reports on USAA and they are all 100% clean now. I really hope they only hard pull me once and soft me later. Regardless I'm soldiering on and praying to God that it goes through!

[aussiesareforever]

Good luck Andrew. Rooting for ya!

[mAndrew1980]

They hard pulled all three. Eek! No turning back now!

[FrugalRican]

mAndrew, just remember, this is one of the main reasons we safeguard our credit, for big purchases like this.

I wouldn't worry too much about a 3-pull on your credit when it's for a pre-approval. Plus, with your scores, I'd rest easy. Remember, your scores are going to bounce back in a few months to a year anyway.

Good luck, I'll definitely be following this thread.

[mAndrew1980]

I've been pre-approved! Yay! Got my official letter a minute ago. Approved for a purchase price up to $250K with a monthly payment of $1,543.37. Now I just have to find a place and go under contract LOL.

[JenniferinFL]

Now comes the horrible part.. lol

My husband has been trying to buy a house for two years now, but, his scores are closer to 730. Something always happens that makes the deal fall through, usually after we've paid for an appraisal and inspection.

We were supposed to close a week ago, but, now their second guessing his file even though he was fully preapproved and sent partially through underwriting before we signed on this house just to avoid this situation.

Hold out for a house you love, but, don't fall head over heels for it until the inspection and appraisal is done. If it falls through remember there are plenty of houses on the market right now, so another one will be along soon enough.

Buckle in for a rollercoaster.. lol..  and lots of frustration. I now hate house-hunting. He'll have to househunt without me because I am done playing this game.. lol