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Spoke to a mortgage lender ...does this sound normal?

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New Contributor

Spoke to a mortgage lender ...does this sound normal?

Talked to a possible mortgage lender. Explained to him all the past issues and what our report looks like. I wanted him to tell me if he thought we could realistically be approved in the summer to buy. He wants us to do a pull now to see if there is anything else we need to take care of. He says it's better to do that now instead of uncovering more issues in the summer which will out home buying on hold until winter on that case. 

I questioned him about two pulls and my concern about it lowering our score. He said that pulls spaced apart like that, are ok. He seems very helpful, just wanted to seen f this is standard when you are dealing with bruised credit.

Message 1 of 8
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Regular Contributor

Re: Spoke to a mortgage lender ...does this sound normal?

I had a pull 5 months before I bought my house and again the week before, this actually helped me because my mortgage broker told me a few things I could do to improve my score and he was right.  It's all personal opinion and if you can truly trust your person, I was fortunate and was able to trust him and he really helped me and my score.  

FICO Scores - As of Jan 2015

EQ - 632
TU - 648
EX - 649

Started at - EQ 565, TU 563, EX 561 in September 2014
Message 2 of 8
New Contributor

Re: Spoke to a mortgage lender ...does this sound normal?


@daisymae850 wrote:

I had a pull 5 months before I bought my house and again the week before, this actually helped me because my mortgage broker told me a few things I could do to improve my score and he was right.  It's all personal opinion and if you can truly trust your person, I was fortunate and was able to trust him and he really helped me and my score.  


Thank you, that makes me feel better. New to all this, and don't know what to expect. He was referred to me by a friend who is a realtor. He was really encouraging and helpful. I layed out all the dirty stuff on our credit so he would have a complete picture. We will see!

Message 3 of 8
Established Contributor

Re: Spoke to a mortgage lender ...does this sound normal?

I had the exact same concern when I was first contemplating purchasing in April of 2014.  And I asked as you did and was convinced that the space of time would be ok (I was looking to close in november/december timeframe due to apt lease ending date.  

 

I was told just as you and so had a pull in april an another in late october about 15 days before my closing (and a soft pull the day of closing).  The mortgage banker was correct and on the trimerge because the first pull was over 3 months prior did not even show on the trimerge report. of the 2nd pull.  

 

This is good because it will let you know what your starting is.  it will also allow the lender to give you much more accurate information on what you can afford.

 

 

 

 


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 4 of 8
New Contributor

Re: Spoke to a mortgage lender ...does this sound normal?


@TimeToRecover wrote:

I had the exact same concern when I was first contemplating purchasing in April of 2014.  And I asked as you did and was convinced that the space of time would be ok (I was looking to close in november/december timeframe due to apt lease ending date.  

 

I was told just as you and so had a pull in april an another in late october about 15 days before my closing (and a soft pull the day of closing).  The mortgage banker was correct and on the trimerge because the first pull was over 3 months prior did not even show on the trimerge report. of the 2nd pull.  

 

This is good because it will let you know what your starting is.  it will also allow the lender to give you much more accurate information on what you can afford.

 

 

 

 


That helps so much! Thank youSmiley Happy

Message 5 of 8
Regular Contributor

Re: Spoke to a mortgage lender ...does this sound normal?

We just had ours pulled for preapproval from 2 lenders, it didn`t hurts us at all. For some reason my wife`s score increased 4 points from the pull. Credit scoring is nuts.

Message 6 of 8
Contributor

Re: Spoke to a mortgage lender ...does this sound normal?

I had a long hx of medical debt - at one point over 200k.

 

I was exactly in your position June/July 2013 and the mortgage broker did a pull and I had a midscore MUCH higher than I ever imagined.  It really lit a fire in me and gave me tons of info.  It was not a problem when I finally applied in August 2014.

In the garden until October 2015!

Journey began 12/13
My wallet: Cap1 Journey (12/13) $4,800 - Cap1 QS (3/14) $1,500 - Chase Freedom (5/14) $3,000 - Chase CSP (12/14) $8,000

Closed on my primary home and income property in December 2014!
Message 7 of 8
Valued Contributor

Re: Spoke to a mortgage lender ...does this sound normal?

My EQ 04 dropped 23 points to 794 from 817 by way of a CU checking, a mortgage preapproval and a mortgage approval. If your broker is doing a pull, I would hope it counts as a preapproval.

 

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