topic Re: What if.... in Mortgage Loans

What if....

Anonymous — Fri, 04 Jan 2013 04:47:21 GMT

You don't get preapproved in the preapproval process? Does your loan officer usually work to help you get approved? Haven't applied for preapproval but I'm nervous.

Re: What if....

tooleman694 — Fri, 04 Jan 2013 04:48:55 GMT

Yeah they will know whats wrong and tell you what needs to be fixed.

Re: What if....

Anonymous — Fri, 04 Jan 2013 04:54:55 GMT

My experience ... No. I guess it depends why you get denied. i was denied because I had a "foreclosure started" on my report. Tried calling my lender to see if there was anything I could do about it or any way there could be a work around and she totally ignored my phone calls and emails. What is with people?

I hope you have a good lender that will work with you. Good luck!

Re: What if....

webhopper — Fri, 04 Jan 2013 05:03:25 GMT

Mine did... I had some inaccurate info reporting and they went to bat for me... 3 way phone call with Santander where my mortgage broker threatened to sue.

It was awesome, the inaccurate tradeline was completely deleted and I got an apology letter from Santander for "any inconvenience" I may have suffered.

I had 4 other banks that were local that I tried to work with. They did not help at all. They denied me...

One of them denied my loan even after issuing a pre approval!

Re: What if....

Anonymous — Fri, 04 Jan 2013 05:12:51 GMT

If you just go in and talk and are honest about everything they can give you a pre qualification based on what you tell them. If you want pre approval you have to apply and let them run your credit.

Once your credit qualifies, your income qualifies, etc etc they will issue a pre approval. Then the verification part begins, then your inspections, appraisals etc etc...

If you know you have a few issues and you are honest about them, they may be able to guide you on what you need to do depending on their knowledge and the issue.

If you have credit issues bring a copy of your credit report for them to view so they dont have to pull your credit yet.

See what they advise you and then make a decision if you want to apply or wait a little longer until you fix your issues.

Re: What if....

Anonymous — Fri, 04 Jan 2013 05:29:42 GMT

I tried preapproval last year March and thats what started my credit journey here. I had 15 collections, I'm down to 1 over a year ago, no lates or derogs in the last year at all. I think they may want me to pay my cc balances down (A few are higher than I'd like due to holiday shopping with 0% offers--no interest accruing). Other than that, I have 1 c/o left that's falling off in 2014 (First premier, they won't budge). I also have had 2 overdrafts this year on my bank acct and my inqs aren't at 0 due to the rebulilding. I have 2 secured cards I can still close since I don't really need them but don't want to touch them unless my lender says so. I am working with an NFCU lender. Also rate checked Wells Fargo. I have a realtor thanks to Navy federal and my lease is up in 2 months (Will prob have to ask for a month to month even thought my LO says with preapproval, we should be able to close in 6 weeks).

Income is set as I'm only looking for a townhome between 80k and 120K and there are a few I have my eye on.

Re: What if....

webhopper — Fri, 04 Jan 2013 06:04:47 GMT

Are you going FHA? If so make sure the townhome is Fha approved. What is your current util% on all cards? By the way; your journey has been very fruitful in the last year keep up the hard work and you'll get that home in no time!

Re: What if....

Anonymous — Fri, 04 Jan 2013 06:24:20 GMT

Thanks web hopper, I have learned and applied it all from things here. I'm either going FHA, home path or 100% financing (nfcu is only one in state that offers it and has a great special going on with it). My current util was in the 70s as of last month but is coming down as I'm paying on my 0% offers. (Biggest expense was I financed a Mac with Barclay)

Re: What if....

Anonymous — Fri, 04 Jan 2013 06:27:28 GMT

Yes, my realtor is making sure of which townhomes are FHA and which aren't. He seems very knowledgeable over the phone and I will meet him in person this weekend. Nfcu set me up with their realty plus program which offers cash back to refer you to their agents. They referred me to a local Caldwell banker realtor office.

Re: What if....

webhopper — Fri, 04 Jan 2013 06:50:30 GMT

Since your util% was high; you could literally see a 10-20 point jump in scores. Keep working those balances! I'm glad to hear your positive reviews. Nfcu does investor mortgages which I may be interested in in a few years. Keep us updated with how your progress is going!

Re: What if....

Anonymous — Sat, 05 Jan 2013 04:27:33 GMT

TY for the advice. If I have them pull for pre approval next week and they pull again within 30 days for the score increase, will that count as 1 inquiry?

Re: What if....

Anonymous — Sat, 05 Jan 2013 14:29:12 GMT

Yes but your report will still list them separately. Sometimes the final credit check is just a soft pull.

Re: What if....

Anonymous — Sun, 06 Jan 2013 23:46:48 GMT

I have found a place I like and tomorrow I meet with the builder's lender. He told me they are looking for 640 FICO and that's also what I need to qualify for FL's down payment assistance (up to $7500). This will allow me to know where I am at and where I need to be. I never thought I'd be looking into a new construction but visiting townhomes with my realtor (premature I know) and I really like this new construction I saw. I talked to the loan officer twice and he said if it's just a matter of score then he can do rapid rescore from me paying down some cards and write me a preapproval letter.

I'm wayyy more nervous then I should be. I know I have put a lot of work into my credit over the past 10 months. I will also rate shop by checking with NFCU if everything checks out right.