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pre-approval question

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oscar_actuary
Frequent Contributor
‎04-08-2013 12:00 AM
‎04-08-2013 12:00 AM

Re: pre-approval question

so, you're stuck with some lender offering you 3.25% and they are stuck with someone who waits 5 yrs to clear a debt.

Would you pay that debt off if it weren't for this mortgage ?

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Message 11 of 14
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MovingForward_2012
Valued Contributor
‎04-08-2013 08:10 AM
‎04-08-2013 08:10 AM

Re: pre-approval question

3.25% is pretty good for your scores. You may have a hard time finding a lender that will match that without requiring a 640.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 12 of 14
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MovingForward_2012
Valued Contributor
‎04-08-2013 08:11 AM
‎04-08-2013 08:11 AM

Re: pre-approval question

But if you pay some collections off AND get them deleted, your score will rise above 640 easily.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 13 of 14
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racefan_29
New Member
New Member
‎04-08-2013 08:40 AM
‎04-08-2013 08:40 AM

Re: pre-approval question

actually all of this started with me looking into paying off these collections. that brought me here and learning I could possibly get a mortgage. I've researched trying to get these collections deleted but haven't found any success stories from the ones I have.
I talked to the other lender today. she can pre-qual me as long as I have the money in the bank to pay them, working on that now, and the rate dropped to 3.15 if I can qual for the vhda loan.
Message 14 of 14
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