Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The mortgage lender I'm wanting to use offeres a full credit approval application. For a $395 deposit, they will send underwriting my information on the maximum amount I would request for a loan. Underwriting will determine if we qualify for a credit approval.
The inventory in Dallas is very scarce with multiple offers for my desired areas and price points. It seems to help make me a stronger buyer when making an offer. Upon the full credit approval, it would expedite the underwriting process and the main area of concern would be the apprasial. Potentially, we could close within 10-14 days.
If an offer hasn't been made or accepted then a re-assessment occurs every 3 months. My scores are well above 740 so I don't think a recheck over a few times a year would make a negative dent.
Are there any drawbacks or concerns with applying for a full credit approval? The only two I see potentially are
1. The inital deposit of $395 is lost if I walk and find a better rate/costs/etc. with another lender
2. Could it put me in a weaker spot for the bank to match or beat another lenders fees, credits, rates when I'm ready to lock?
The mortgage lender I'm wanting to use offeres a full credit approval application. For a $395 deposit, they will send underwriting my information on the maximum amount I would request for a loan. Underwriting will determine if we qualify for a credit approval.
The inventory in Dallas is very scarce with multiple offers for my desired areas and price points. It seems to help make me a stronger buyer when making an offer. Upon the full credit approval, it would expedite the underwriting process and the main area of concern would be the apprasial. Potentially, we could close within 10-14 days.
If an offer hasn't been made or accepted then a re-assessment occurs every 3 months. My scores are well above 740 so I don't think a recheck over a few times a year would make a negative dent.
Are there any drawbacks or concerns with applying for a full credit approval? The only two I see potentially are
1. The inital deposit of $395 is lost if I walk and find a better rate/costs/etc. with another lender
2. Could it put me in a weaker spot for the bank to match or beat another lenders fees, credits, rates when I'm ready to lock?
Thanks for any insight that might be provided.
If it's Movement Mortgage, do it. If it's Quicken, do NOT. I don't think Movement charges an up-front fee.
Thanks. I will get the ball rolling. They are about $300 higher on closing costs than I'd prefer ($1700 total). If I can have the peace of mind I they can close the deal quickly though, that is a small price to pay.
I don't know any mortgage brokers here that make you pay for full loan pre approval, even with direct underwriter approval. Go ask another lender if they can do it for free.
It is just the deposit to cover their expenses. I tried to get it waived with no luck.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
