Credit Re-Pull Question?

[working-hard-atit]

I noticed in this forums that most people mention that their LO re-pulls their credit a second time during the approval process.  I asked my LO if we would need to re-pull my credit and she said "no, unless I wanted them too".  My question is why do people get their scores re-pulled a second time? Also, I looked in my rates today at 3.25%.

[Mike_B03]

I think it's mostly for new build purchased...the credit gets pulled once at the beginning and then again 4-6 months later when the house is ready because a lot can change in that time frame. If you buy a resale home and your closing date is in 30 days, then I dont think it's normally pulled a second time.

[foofighter74]

Some people don't have their scores repulled. Others do because they're building a home and a signficant enough amount of time has passed and the lender wants more than just a gap report to verify you're still eligible for the loan. 

[working-hard-atit]

Duhhhhhh!!!!! Make sense!

[DallasLoanGuy]

reasons to re-pull

1. credit report expires.... too old because after you were pre-approved you shopped for a long time before going into contract

2. random qc audit <= if the report isnt too much different, they still use the original report

[4thmouse]

I don't get it. When I purchased a house (Now gone) many many years back, I was preapproved, Found the house and closed with 3 months. During that time the BOA (At the time they were the lender) pulled my credit 3 times. Once in the beginning, Once about 2 weeks later, Then Once the day of the closing. This is not including the Broker's pull and 2 other pulls from other Banks.

Has something changed? I Assumed the lender re-pulling several times was normal and that I would have to expect it when I purchased my next house. Is this not the norm.

Of course there was the matter of me having to come up with an Extra $4K beyond the GFE at closing, Or my realtor freaking out and screaming at me how he had never seen a delay from the bank cause delay in the closing and accusing me of trying to find a way to rip him off, Just to show up to closing 45 minutes late and I swear a bit drunk.  Or the 2 pages and 18 variations of my name that I had to sign for along with the 7 variations my blind wife had to sign for, just to have the closing office call us a week later to come back and resign everything because somehow the originals got destroyed. But I digress and that was another matter.

[Adalen]

@4thmouse, it doesn't sound like anything went "right" with your last closing!  That is way too many pulls and pretty unecessary.  My reports were only pulled twice because my scores were just below qualifying and have since jumped up.  Also, there has been quite a bit of time since the first pull (little over two months) and we still have a few weeks before we close, so it worked out.

[4thmouse]

No it didn't, I wish those were the only problems. Infact nothing that was involved with that specific house went right . Its got us scared to go into the process again, However this rent thing has never worked for me. In about a year or so, We plan on having $25K set aside, No debt but Student loan with a either 0 payment or very small payment, 700+ Credit, and both having an income, also it will have been be about 5 years since our foreclosure and BK. and trying again. Also This time I hope to be more versed in what to expect, And unlike before, I now have a few years of General contracting experience and have learned alot regarding what to look for in damage. Again I digress. 

I really thought the multiple pulls was par for the course and this is the first time I have heard otherwise. I just assumed it was like shopping for a car, where certain amount of pulls within certain amount of time didn't count for any more than one when it came to scoring. I don't remeber the pulls actually bring my scores down any.

[Adalen]

If they are within 30-45 days of one another, then they will only be counted as one pull but it still seems excessive.  Especially if they happen to pull outside of that time period.  My score dropped two points exactly 30 days after my first mortgage pull, but whether those two events were related or not is beyond me.

[tooleman694]

My credit was pulled right before we started building the new house, 45 days before closing we were pulled again to get the loan process going and that was it.