I'm in the garden but I'm planning to apply for a mortgage in May of next year. I remember seeing how a CA will pop up on your report during this process to get you to pay. I'm wondering if it's a good idea to apply for a mortgage now just to see if anything pops up. Right now I only have one collection from Enhanced Recovery on my report but I sent a TX DV and the 30th day will be 4/16/15 for their response.
I don't think I have anything out there in zombieland, but I want to be sure. I would rather take care of everything this year to make sure there are no surprises next year. I've said this before, I really don't like surprises.
So is this a bad idea? Anybody ever done this before?
...it won't hurt since the hp will be 12 mts old by may '16 ...you may get a bite(s) ...otoh it won't stop anyone from popping up next year
...good luck and let us know if any fish bite, eh
...the only objection I might have is that the lender incurs a cost in pulling a tri-merge ...they recover that in the fees you pay them ...if you tell the lender upfront what you are doing, offer to pay his costs, and tell him you'll be back when you're ready ...I can't think of any real objection ...both sides get what they want ...thats called win-win in my book
I'm not sure why most of yall thought I was planning to be sneaky about it. Of course I would be telling them why I want them to pull my credit. I've studied, and know my reports... obsessively. It's any possible stuff that's NOT on there that I'm curious about.
I wasn't aware that I would have to search for houses, sign contracts, and all of that just to do a mortgage pull. This would be my first mortgage and I've read thousands of horror stories of people losing their contracts due to a new collection popping up. I was just asking if it would be a good idea. Looks like the answer is a major NO lol. But hey, that's what this forum is for, right? To ask questions (even if they are stupid) and learn.
Thanks for your opinions. I'll just apply next year and see what happens.
@Sheridan wrote:I'm not sure why most of yall thought I was planning to be sneaky about it. Of course I would be telling them why I want them to pull my credit. I've studied, and know my reports... obsessively. It's any possible stuff that's NOT on there that I'm curious about.
I wasn't aware that I would have to search for houses, sign contracts, and all of that just to do a mortgage pull. This would be my first mortgage and I've read thousands of horror stories of people losing their contracts due to a new collection popping up. I was just asking if it would be a good idea. Looks like the answer is a major NO lol. But hey, that's what this forum is for, right? To ask questions (even if they are stupid) and learn.
Thanks for your opinions. I'll just apply next year and see what happens.
...you don't ...its called a preapproval and it happens thousands of times every business day ...hth
@Lemmus wrote:
@Sheridan wrote:I'm not sure why most of yall thought I was planning to be sneaky about it. Of course I would be telling them why I want them to pull my credit. I've studied, and know my reports... obsessively. It's any possible stuff that's NOT on there that I'm curious about.
I wasn't aware that I would have to search for houses, sign contracts, and all of that just to do a mortgage pull. This would be my first mortgage and I've read thousands of horror stories of people losing their contracts due to a new collection popping up. I was just asking if it would be a good idea. Looks like the answer is a major NO lol. But hey, that's what this forum is for, right? To ask questions (even if they are stupid) and learn.
Thanks for your opinions. I'll just apply next year and see what happens.
...you don't ...its called a preapproval and it happens thousands of times every business day ...hth
Thank you. It would be nice if I could do a pre-pre approval lol.
...you call a mortgage lender ...any will do ...tell him you're considering looking for a home and would like a preapproval for the amount you are considering ...tell him you're not really ready to buy quite yet but interested in what you can qualify for and what your mortgage credit scores show ...and are willing to pay for it if necesssary ...he'll ask a few questions including your income as well as permission to pull your credit ...you wait ...he calls back with your preapproval for $XXXXX ...you get a myFico alert for an inquiry ...it will show the mortgage broker or someone like CreditPlus that wholesales trimerge reports to lenders ...either way its a mortgage inquiry ...you're done.
...a CA or mortgage lender asks EQ for a list of mortgage inquiries in the past ten days from your area with scores above xxxx and incomes above $xx,xxx.00 ...EQ charges him for the list ...your name is on it ...you're now a target ...its that simple
...if you feel guilty about the lender, offer to pay him for the pull ...afaik the standard lender fee is $45 and is regulated ...but he's had first shot at you and the vast majority of mortgage seekers never look beyond the first lender they talk to ...and he knows that ...if one refuses, try another ...its your credit, your money, your life