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Pre-Approval Now or Wait???

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Anonymous
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Pre-Approval Now or Wait???

Hi everyone, 

My husband and I are getting ready to buy our first home.  We are going with NFCU 100% Homebuyers (we think).  We have decent income ($9200 gross monthly) and little debt ($900 monthly).  In the past 24 hours I have paid down several credit cards to $0, which are obviously not showing on our reports yet.  My question is, should I wait to do pre-approval when this is reflecting on our credit reports in hopes for a better rate or could I provide statements showing they are paid in full?  I'm not worried about our DTI since with the balances outstanding our DTI was only 12%....I'm more concerned about the credit utilization showing high and the rate we may receive.

 

I have to say I'm terrified of this process and of being turned down.  We've completed pre-qualification but I'm so scared I'm going to jump the gun on pre-approval when I would have been better off to wait a couple of weeks.  Any advise??

3 REPLIES 3
CreditInspired
Community Leader
Super Contributor

Re: Pre-Approval Now or Wait???

Welcome OP to MyFICO

First, what are your and DH FICO mortgage scores. That’s what you want to know FIRST before applying for a mortgage?

And there’s no need to be terrified of the process. You’re on the right track.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 2 of 4
Anonymous
Not applicable

Re: Pre-Approval Now or Wait???

I would say to wait for it to reflect but also look for your mortgage score, not just your standard scores.

Message 3 of 4
Anonymous
Not applicable

Re: Pre-Approval Now or Wait???

Update - we put in our application. The LO reviewed it and confirmed Friday it was with the underwriters. Now we just wait. Waiting sucks!
There’s the perfect house in the perfect location that is about 30 days from construction being complete. We are really praying everything works out!
Message 4 of 4
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