topic Re: New House Question in Mortgage Loans

New House Question

Anonymous — Wed, 19 Mar 2008 23:42:43 GMT

Hi everyone....new to the board. I have a question.....I am looking to buy a house here in a month or two. My Realtor asked me to get prequalifed for the loan to see what I am able to get. She gave me a name a one mortgage person. I am going to fill out the application and get it back to her. My question is should I also go ahead and try a site like Lendingtree.com and see what they come back as. I don't want to screw up my credit report though with too many hard hits. I have never bought a house before and don't want to screw up. Any suggestions?? My midrange FICO score is 625. Appreciate any help!

Re: New House Question

Anonymous — Thu, 20 Mar 2008 00:11:58 GMT

Whatever you decide to do, you should do it within a short period of time. I think the going timeframe is two weeks, whereas the powers to be at fico would not consider that as a negative factor(working against you). But it would be viewed as you doing some comparative shopping. Shopping for a mortgage should be done in a short time period so it doesnt harm your credit that much.

But I would call and ask to speak to several lender reps of different mortgage companies to see where you stand as far as credit. Just to get an idea of what they are looking for as far as scores. But dont, and I repeat dont give them your social to run your credit. Then when you find some that are of interest to you and you are really ready for them to prequalify you call them back. Only give out your social when you are absolutely ready to purchase.

Sweetdeedee

Re: New House Question

Anonymous — Thu, 20 Mar 2008 00:23:57 GMT

So it is two weeks that I can try to get the best rate? All of the hits count as one?

Re: New House Question

nicemann — Thu, 20 Mar 2008 01:40:17 GMT

I am thinking about the same thing....anyone know of good sites to apply for these mortages all at one time?

Re: New House Question

Anonymous — Thu, 20 Mar 2008 04:08:00 GMT

I don't even know if your FICO scores would be high enough for leaders to give you a good rate or even qualify you. Never bought a house before but I am sure they would want a higher number.

Re: New House Question

Anonymous — Thu, 20 Mar 2008 07:18:16 GMT

Just an opinion. Pay down revolving debt as much as possible 30 days before applying to get your score up.

I bought a score power, printed it out and showed it to several lenders to get my rate. Many of them refused to give me a price so I said no social, forget it, when to another lender. I got rates from most of them with out even applying since I brought my own credit report. They were not exact rates and amounts, but it gave me an idea what I could get. This way when you really need to apply, you have no inquiries hurting your later.

Re: New House Question

nicemann — Thu, 20 Mar 2008 12:05:22 GMT

That's an idea, does anyone know the timeline for pulling mortgages to have them all count as one on your CR?

Re: New House Question

Anonymous — Thu, 20 Mar 2008 15:53:13 GMT

My LO told me you have 14 days

Re: New House Question

nicemann — Sat, 22 Mar 2008 00:52:14 GMT

14 days.....well guess I better get busy. Thank you!