Mortgage pre-approval

[Anonymous]

Any suggestions where I can get a soft credit pull for a mortgage pre-approval or prequalification?

I tried Better.com but the numbers seem really low even after they took off some debts that haven't been updated since August 2021.  

tia

[VALoanMaster]

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@Anonymous wrote:

Any suggestions where I can get a soft credit pull for a mortgage pre-approval or prequalification?

I tried Better.com but the numbers seem really low even after they took off some debts that haven't been updated since August 2021.  

tia

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Unfortunately, a pre-qual based on a soft pull isn't worth the paper it's written on.

Is there a specific reason you want a soft pull?

[Anonymous]

To see how much we're qualified for so we can decide to rent or buy a home.

[MauiMan85297]

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@VALoanMaster wrote:

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@Anonymous wrote:

Any suggestions where I can get a soft credit pull for a mortgage pre-approval or prequalification?

I tried Better.com but the numbers seem really low even after they took off some debts that haven't been updated since August 2021.  

tia

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Unfortunately, a pre-qual based on a soft pull isn't worth the paper it's written on.

Is there a specific reason you want a soft pull?

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And of course we all know that a pre-qual is worthless (no realtors are using them) as all they do is pull your credit score to see if it's within their guidelines to lend but the pre-approval will tell you if you're lendable and how much you'd get approved for because they're collecting income info that offsets your debts shown on a report.

[Anonymous]

So there's no other way to see how much we're approved for except to do a hard pull approval? I've been working on my credit and don't want it dinged until we can find out the numbers and decided rent or buy. 

[VALoanMaster]

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@Anonymous wrote:

To see how much we're qualified for so we can decide to rent or buy a home.

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If you want to get an accurate pre-approval, you'll need to supply a lender with supporting documents (pay stubs, bank statements) and the lender will to do a hard pull on your credit.

The lender will need to run your application and credit through an automated underwriting system to determine what you qualify for and we can't do that with a soft pull.

[Anonymous]

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@VALoanMaster wrote:

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@Anonymous wrote:

To see how much we're qualified for so we can decide to rent or buy a home.

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If you want to get an accurate pre-approval, you'll need to supply a lender with supporting documents (pay stubs, bank statements) and the lender will to do a hard pull on your credit.

The lender will need to run your application and credit through an automated underwriting system to determine what you qualify for and we can't do that with a soft pull.

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Ok thank you =)

[VALoanMaster]

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@Anonymous wrote:

So there's no other way to see how much we're approved for except to do a hard pull approval? I've been working on my credit and don't want it dinged until we can find out the numbers and decided rent or buy. 

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If you want a ball park idea, a lender can run "numbers" to get an idea of the max price point you'll qualify for.

For example: 

Let's say your income is 100K per year or $8,333 per month and your monthly debt on your credit report is $1,000.

To keep your back end debt to income ratio under 45% for a conventional loan ($8,333 X.45= $3,749.85) subtract your debt of $1,000 and you get a max housing payment of $2,749.85. 

Does that make sense?

[Anonymous]

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@VALoanMaster wrote:

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@Anonymous wrote:

So there's no other way to see how much we're approved for except to do a hard pull approval? I've been working on my credit and don't want it dinged until we can find out the numbers and decided rent or buy. 

---

If you want a ball park idea, a lender can run "numbers" to get an idea of the max price point you'll qualify for.

For example: 

Let's say your income is 100K per year or $8,333 per month and your monthly debt on your credit report is $1,000.

To keep your back end debt to income ratio under 45% for a conventional loan ($8,333 X.45= $3,749.85) subtract your debt of $1,000 and you get a max housing payment of $2,749.85. 

Does that make sense?

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That sounds alot more like the 2 lenders told us before; but I had to work on my credit some; we've waited a few months again to check and make sure my FICO was increasing with myfico.

I found better.com did soft credit pulls and was surprised to get approved for $240,000 when our income is $115,000 yearly and the only debt is a car payment of $605 per month ($30,000 balance).  Everything else has been paid off and we have no mortgage or rent payments since we're staying with our daughter until we find a home.

[VALoanMaster]

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@Anonymous wrote:

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@VALoanMaster wrote:

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@Anonymous wrote:

So there's no other way to see how much we're approved for except to do a hard pull approval? I've been working on my credit and don't want it dinged until we can find out the numbers and decided rent or buy. 

---

If you want a ball park idea, a lender can run "numbers" to get an idea of the max price point you'll qualify for.

For example: 

Let's say your income is 100K per year or $8,333 per month and your monthly debt on your credit report is $1,000.

To keep your back end debt to income ratio under 45% for a conventional loan ($8,333 X.45= $3,749.85) subtract your debt of $1,000 and you get a max housing payment of $2,749.85. 

Does that make sense?

---

That sounds alot more like the 2 lenders told us before; but I had to work on my credit some; we've waited a few months again to check and make sure my FICO was increasing with myfico.

I found better.com did soft credit pulls and was surprised to get approved for $240,000 when our income is $115,000 yearly and the only debt is a car payment of $605 per month ($30,000 balance).  Everything else has been paid off and we have no mortgage or rent payments since we're staying with our daughter until we find a home.

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@Anonymous wrote:

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@VALoanMaster wrote:

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@Anonymous wrote:

So there's no other way to see how much we're approved for except to do a hard pull approval? I've been working on my credit and don't want it dinged until we can find out the numbers and decided rent or buy. 

---

If you want a ball park idea, a lender can run "numbers" to get an idea of the max price point you'll qualify for.

For example: 

Let's say your income is 100K per year or $8,333 per month and your monthly debt on your credit report is $1,000.

To keep your back end debt to income ratio under 45% for a conventional loan ($8,333 X.45= $3,749.85) subtract your debt of $1,000 and you get a max housing payment of $2,749.85. 

Does that make sense?

---

That sounds alot more like the 2 lenders told us before; but I had to work on my credit some; we've waited a few months again to check and make sure my FICO was increasing with myfico.

I found better.com did soft credit pulls and was surprised to get approved for $240,000 when our income is $115,000 yearly and the only debt is a car payment of $605 per month ($30,000 balance).  Everything else has been paid off and we have no mortgage or rent payments since we're staying with our daughter until we find a home.

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$240,000 is super conservative. You're probably more like $450,000 +/- based on my calculations.

If you really want to know how much you can qualify for, you really need to go through a full pre-approval.