Mortgage Credit Pulls

[Anonymous]

We are applying for a mortgage for our new home and have a great rate from Chase. My credit according to MPM is around 775. My wifes, on the other had, is more like 700.

They are telling me that IF her score is low, it can raise our rate. 

They said that with both of us on the loan, they would do a credit pull for the two of us together. Then if we decide her score is low and want to do the mortgage just for me, they would have to re-pull my credit. So that would be 2 hard pulls on mine.

Any advice on what to do here?

[bdhu2001]

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@Anonymous wrote:

We are applying for a mortgage for our new home and have a great rate from Chase. My credit according to MPM is around 775. My wifes, on the other had, is more like 700.

They are telling me that IF her score is low, it can raise our rate. 

They said that with both of us on the loan, they would do a credit pull for the two of us together. Then if we decide her score is low and want to do the mortgage just for me, they would have to re-pull my credit. So that would be 2 hard pulls on mine.

Any advice on what to do here?

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You're saying your wifes is around 700.  

• Does Chase use the lowest middle score or do they use a particular score?  
• Pull your wifes score or scores here so that you know what you're dealling with.  
• How soon do you need to have her score up?
• Do you need her income for DTI or can you get a home on your own?

If you qualify for the amount of home you want without your wife, then just use your income and don't bother pulling your wife's.  I buy our houses with my income and don't bother with my husbands.  It's never been a problem for us.  Her name can still be on the deed even though she isn't on the mortgage.

[Anonymous]

Thanks for the info!

• Does Chase use the lowest middle score or do they use a particular score?  
  • Unsure but they did say if her score is 700 it will add an eigth of a point to our rate.
• Pull your wifes score or scores here so that you know what you're dealling with.  
  • I may, should I pull all three bureaus?
• How soon do you need to have her score up?
  • This will be within the week, so no time to change her score at this point.
• Do you need her income for DTI or can you get a home on your own?
  • The DTI is all on me as I earn most all of our income. I sort of just want her on there because we have been married only 2 years, and although we love each other, you never know what the future will bring. So if we were to get divorced, wouldn't it be dangerous to just have me with the liability of the mortgage??

Thanks!

[Anonymous]

We can split a joint credit report, so a re-pull shouldn't be necessary.

[Anonymous]

The guy at Chase said it would be necessary. He said my score would be the same, but they still need to do the pull so it will count as 2 hard pulls on my score.

[DallasLoanGuy]

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@Anonymous wrote:

We can split a joint credit report, so a re-pull shouldn't be necessary.

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this is true.... some loan officers cant figure out how to do it though.

regardless.... it will be a 2nd pull within a short time period and will not affect score(multiple mortgage pulls are considered one pull)

inquiries are WAYYYYYYYYYYYY overrated.  

[Anonymous]

Yea he didn't seem to know how to split it, said it would require a second pull but score wouldn't change.

What I don't get is how he can offer me such a low rate and other lenders can't seem to get close to it.

Is there some way they can screw me making the low rate a trick?

[bdhu2001]

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@Anonymous wrote:
Yea he didn't seem to know how to split it, said it would require a second pull but score wouldn't change.

What I don't get is how he can offer me such a low rate and other lenders can't seem to get close to it.

Is there some way they can screw me making the low rate a trick?

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You're probably paying for the low rate in points.  You need to pull all three CBAs if Chase uses the middle score.  Find out from the lender what score they use.  Quicken uses Experian.  Since Chase is talking about your wife's score instead of middle score, they may use only one CBA.

As far as danger of divorce, You'll have to divide up stuff & decide what's what if that happens regardless of whether or not she's on the loan.  Unless you're wealthy, whoever keeps the home would have to pay off the other person's equity or whatever.  Or you'd sell the home and split the proceeds.  If she wants the home, she'll need to get a loan for the home so that she doesn't mess up your credit.

At the moment, you're borrowing issues.  Pull her report, then you'll know and can decide how to proceed.

[Anonymous]

From the broker at Chase:

3.125%, 0 points (3.138 APR) (30% down payment)

Closing costs:

Appraisal : $770
Processing: $595
Bank Attorney: $925
Flood Cert / Tax Service : $100

[Anonymous]

They use the middle score he says.