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Say you find a house and shop around for a mortgage and pick one. You can't agree on price with buyer. 2-3 months pass before you find another home. So the bank needs to run your credit again since 30 days pass and then again right before closing.
Say you find a house and shop around for a mortgage and pick one. You can't agree on price with buyer. 2-3 months pass before you find another home. So the bank needs to run your credit again since 30 days pass and then again right before closing.
Does this hurt your credit?
As Shane said, if you purchase within 90 days your lender can work off the original report. I have heard of lenders running it again right at closing, but not all lenders do this.
Further, if you have good solid credit, mortgage pulls don't really hurt your score. Definitely something that borrowers worry about when they shouldn't. It can be a concern for people with weak credit.
Well it's not perfect but average, 720 from each agency per Exerpian. My wifes was really high but one credit card went from 21k limit to 10k then another one went from 11k to 8k (both BoA cards and lowered 2 weeks from each other). Both had about 11k (the one that went to 8k had 8k balance at the time) but one is going to be paid off this month and the other is down to 5k then next month down to 2k. Would this kill her credit? I should probably get her scores just to see but god I hate trying to cancel the membership Experian puts you in when you want your scores. And myfico charges way to much for scores.
Since I got a pro in hear, can you tell me this. If I try to shop around and they pull my credit which is fine so long as I close in 90 days. Can I tell them that this card will be paid off and this card will have this much left on it? Or do they go strictly by the report? The house we want is 247k (I'm not paying that though but property taxes are 2.7%) and we combine 130-140k/yr with 1000/month in revolving credit (cars and one cc). Would I have a hard time getting approved? Bad thing is if we don't get it, it could take longer than 90 days to find another one. Then what? Will our credit go in the toliet since they'll have to pull it again? Can't they just do a soft pull to make sure the balances on credit hasn't gone up?
I'd ask broker but I'm afraid they might say anything to get me to do it and don't know who to ask with the right answers. If you don't know the answers, do you know who would?
720 is considered excellent credit for a mortgage.
They go strictly off of your report, unless you have a newer credit card statement showing a different payment amount, then some lenders can accept the statement. They'd get what is called a credit supplement, which is just their credit vendor certifying what the new payment amount is. They don't do another hard credit check.
From the numbers you laid out, $247k sales price, $130k/year of income, $1k/mo in consumer debt payments... your debt ratio looks plenty fine, only around 31% debt ratio and lenders prefer you are within 43%.
What is more concerning is the trust issues you have with your loan officer. If you can't trust your loan officer to give you the correct information, you are using the wrong person to get you a loan.
LOL, I just don't trust people I don't know. Even more so people that directly benefit from me doing business with. And I just ran my wifes (from myfico, suzie sponsors) and it's 750. But it still shows high balances on the 2 cc's with the reduced limits. So high that both have less than 2k available credit per the credit history.
Quick question. What's considered a high APR if say your rate is either a 4.5 or 4.75. I got an estimate from one place with the best closing costs but the APR seems high.
5.323 APR on a 4.5%
5.475 APR on a 4.75% (closing costs are 3k cheaper over the other one from same company.
I'm no math wizard but even if it's .25 or .40 higher than normal how long would it take to recoup say 4k considering out of pocket closing would be higher with a lower APR?
You want to evaluate the interest rate, loan term, and origination charges. On a purchase, all other costs would be 3rd party charges and should be the same no matter who you do your financing with.
Well the best closing costs is the one I listed the interest and APR on. They did it on a 230k home with a 2.56% tax rate, wind insurance along with all the other stuff FHA 30yr and the closing was 14.5k total.
So you're saying the APR is set with the interest rate?
I am saying APR calculation varies from one lender to the next, it is dependent upon the loan officer completing their cost calculation identical to all other lenders.... and it shouldn't be a factor on which lender you go with. However a misguided consumer will be easily tricked by a lender advertising a lower APR - which is why lenders use it as a marketing tool, hoping you are that sucker.
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