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Old 07-30-2010, 09:33 AM
 
166 posts, read 689,899 times
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I qualified for my refinancing, the paperwork are being done, the actual closing is scheduled to done end of August. Do you know if the lender will be doing another credit check before closing, or will they work off the one they did when they approved me for the refinance?

Thanks,

B
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Old 07-30-2010, 09:38 AM
 
Location: Richardson, TX
10,171 posts, read 16,743,649 times
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Quote:
Originally Posted by mcbeth01 View Post
I qualified for my refinancing, the paperwork are being done, the actual closing is scheduled to done end of August. Do you know if the lender will be doing another credit check before closing, or will they work off the one they did when they approved me for the refinance?

Thanks,

B
They might and they might not. Fannie Mae is trying to "encourage" last minute credit checks on all borrowers but the policy is so unpopular they announced that they're relooking at how it should be implemented.

Still, your bank may have a policy of preclosing credit checks regardless of which investor they are selling your loan to.
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Old 07-30-2010, 10:08 AM
 
166 posts, read 689,899 times
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Thanks for the quick reply. I have booked a cruise for the parents and me, and can pay it off now, but would rather wait until next month...but did not want to take a chance this might be an issue when we close. Should I just ask my mortgage person?
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Old 07-30-2010, 11:08 AM
 
Location: Richardson, TX
10,171 posts, read 16,743,649 times
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Do you know what your debt to income ratios are?
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Old 07-30-2010, 12:01 PM
 
Location: Plano, Texas
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Some of the lenders i use have started to do this. Mainly checking to see if the consumer has taken on any new debt and how that might affect the debt ratio.
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Old 07-30-2010, 12:06 PM
 
166 posts, read 689,899 times
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Debsi, no idea what my debt to income ratio is. apart from the cc debt which is about 9K, I just have the monthly mortgage which is about $1600, income is about 78K, DH is unemployed but looking for a job. We have cash savings of 20K with another 180K in retirements/investments etc.
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Old 07-30-2010, 12:14 PM
 
Location: Plano, Texas
1,676 posts, read 6,337,485 times
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With a 78k income, you want to make sure your total monthly debt payments do not exceed 45% of your income. As long as your debt payments including new mortgage payment with taxes and insurance are under (6500 monthly income * .45) $2925 you should be okay.
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Old 07-30-2010, 05:24 PM
 
166 posts, read 689,899 times
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Quote:
Originally Posted by VictorBurek View Post
With a 78k income, you want to make sure your total monthly debt payments do not exceed 45% of your income. As long as your debt payments including new mortgage payment with taxes and insurance are under (6500 monthly income * .45) $2925 you should be okay.
Victor, thanks. Yes, I am way below. Makes me rest a little easy.
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