Capital One Mortgage Prequalification

[Anonymous]

Has anyone used the Capital One mortgage prequalification website and was it a legit pre-approval? Also, what credit score triggers a preapproval for a mortgage on there.......580?620? Thanks!

[VALoanMaster]

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@Anonymous wrote:

Has anyone used the Capital One mortgage prequalification website and was it a legit pre-approval? Also, what credit score triggers a preapproval for a mortgage on there.......580?620? Thanks!

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Hi Kingbishop,

Unless the lender is reviewing all of your income & asset documentation, a pre-approval letter isn't worth the paper it's printed on.

[Anonymous]

I understand that lol. Im just using the website prequal to see if my credit score is at a passable stage without taking a hardpull. Since im unable to monitor mortgage score changes daily or even weekly, i was using capital one as a sp to see if my score is at least at the minimum. Before while i was using it, it was saying did not meet credit score minimum until recently which it now say preapproved. So im thinking my mortgage score has at least passed some threshold since its a bank sp and they are usually harder to qualify with.

[VALoanMaster]

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@Anonymous wrote:
I understand that lol. Im just using the website prequal to see if my credit score is at a passable stage without taking a hardpull. Since im unable to monitor mortgage score changes daily or even weekly, i was using capital one as a sp to see if my score is at least at the minimum. Before while i was using it, it was saying did not meet credit score minimum until recently which it now say preapproved. So im thinking my mortgage score has at least passed some threshold since its a bank sp and they are usually harder to qualify with.

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Oh, ok. That's a little different. So Cap One will check your score but it doesn't count as a hard inquiry?

[Anonymous]

Yes, I have been doing it a while now without a inquiry showing up and the website say do not affect credit.

[Anonymous]

They do a soft pull but do not verify your income or ability to meet down payment obligations. We used them for for a pre-approval to go see a few houses while we were on the fence about buying. We did not have any issues with it like I've heard some people do with Quicken Loans pre-approvals, but we did not submit any offers using it.
I played around with it quite a bit and it does appear as though the pre-approval requirements are fairly strict as far as DTI, LTV and credit score are concerned, but again, income/assets etc. are all based upon what you say. If everything you enter is completely accurate, i'm guessing you should not have a problem with the actual loan. Make sure your down payment money is properly seasoned and your income qualifies.

[luxeprw9]

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@Anonymous wrote:
They do a soft pull but do not verify your income or ability to meet down payment obligations. We used them for for a pre-approval to go see a few houses while we were on the fence about buying. We did not have any issues with it like I've heard some people do with Quicken Loans pre-approvals, but we did not submit any offers using it.
I played around with it quite a bit and it does appear as though the pre-approval requirements are fairly strict as far as DTI, LTV and credit score are concerned, but again, income/assets etc. are all based upon what you say. If everything you enter is completely accurate, i'm guessing you should not have a problem with the actual loan. Make sure your down payment money is properly seasoned and your income qualifies.

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Thanks for this information!  It was really easy to use.  And since I have a Capital One credit card, they pre-populated my info.

They preapproved for the amount I requested, which was low but right where I want to be.  I wouldn't mind going with Capital One but I would need to read some reviews.  

[Anonymous]

I was able to ask the loan officer what my scores were and he was able to tell which was all i wanted.......now i can know mortgage scores whenever i need to without a hardpull or waiting on myfico to update.

[luxeprw9]

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[Anonymous]

I just tried it for giggles (already have a lender I am working with) and I got denied because I don't meet the minimum score requirements.  I have a card with them so I didn't need to put any info it, just took me straight to the denial after logging in.  Strange, because my current middle score (as of 9/7) is 640, so I feel like I should qualify...  I didn't even get a chance to answer any of the income or down payment questions!