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Contributor
nc
Posts: 87
Registered: ‎01-16-2009

Preapprovals without credit pull!

 

Thank you guys for all the knowledge I received from this forum.

 

Two days ago I went to the office of mortgage broker ABC with below documents.

 

1>     Last three saving account statements

2>     Last three checking account statements

3>     First and last paystubs for years 2005, 2006, 2007, 2008, 2009, 2010, 2011 and two most recent from 2012. I am working for same employer from last 7 years.

4>     Combined all three credit report from USAA

5>     Tax returns from last three years

6>     Lease agreements current and previous

7>     Most recent Amex CC statement

 

I showed all the documents to the loan officer and asked where I stand and his reply was “you are golden”. He offered to give preapproval of $300k without credit pull, as I am looking house near $250k I said fine.

 

Later I could not believe this and I thought that guy was joking so yesterday I went to mortgage broker XYZ and after showing same documents he also offered to give preapproval of $300k that I happily accepted.

 

So what I learned that if you show needed documents, have supporting income with good credit one can get preapproval without lender credit pull.

 

Thanks,

NC

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board
Regular Contributor
AshCas
Posts: 119
Registered: ‎10-25-2011

Re: Preapprovals without credit pull!

I'd be very careful working with a broker who issued a pre approval without a credit pull.  The whole point of a pre approval is to let sellers know that a bank, or broker has gone over your credit, income, debt, etc, in detail and that you are a serious buyer.  Even though you supplied the broker with your own credit reports, he really should have pulled on his own.  Otherwise, people could walk in with doctored reports, and get a pre approval no questions asked.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Preapprovals without credit pull!

Preapprovals come in all shapes and sizes.  Some are near worthless and can't be relied upon, some are much more thorough.  All that said, the OP's signature says he has a 789 EQ FICO.  If that score is accurate, and all your info re income, DTI, etc. checks out, you're not going to have any issues getting a mortgage.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Contributor
nc
Posts: 87
Registered: ‎01-16-2009

Re: Preapprovals without credit pull!

 

Yes, scores are accurate and real FICO.

 

I am looking around $250k house and I have $150k plus in saving / checking account.They verified it from last three bank statements. I supported my employment proof with w2 and many years of paystubs. I earn about $120k plus / year and only debt I have is $432 car loan.

 

Why should I not trust both the brokers?

 

 

 

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Preapprovals without credit pull!


nc wrote:

 

Yes, scores are accurate and real FICO.

 

I am looking around $250k house and I have $150k plus in saving / checking account.They verified it from last three bank statements. I supported my employment proof with w2 and many years of paystubs. I earn about $120k plus / year and only debt I have is $432 car loan.

 

Why should I not trust both the brokers?

 

 

 



There's no reason not to trust them.  You are not even close to a borderline candidate for a mortgage.  That was the point I was making. 

 

You're sort of assuming the risk if you don't let them run your credit that when they do run your credit, if it doesn't come back the way you told them, that you won't get approved.  But that's not likely to apply in your situation.  Someone with little to no reserves and scores in the 640s would be ill advised to rely on this kind of "preapproval."  


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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