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I have my mortgage commitment/approval conditional on the sellers cleaning up the asbestos in the home. Once this is cleared, we will then get a closing date. Here's my drama.
My daughter has a balance left for the 2009/2010 school year and need a co-signer. I'm the only credit worthy parent that could do this. Will the lender pull my credit report again before closing? I'm so afraid that if I co-sign (eventhough the loan will be defered), this will have a impact on closing the mortgage.
I should add, that i've done ALL of the loan paperwork and the mortgage broker already pulled my credit report.
Credit is always pulled the day before or the day of closing. i ahve seen deals die because people incurred new credit which put them over the DTI ratio allowed for the loan.
Credit is always pulled the day before or the day of closing. i ahve seen deals die because people incurred new credit which put them over the DTI ratio allowed for the loan.
Thats what i was affraid of. Even though i would be co-signing for the student loan and it would be deferred, it would still go against my debt to ratio. I would hate to lose this house, but would definately hate to have her to sit out the semester because of the loan.
Credit is always pulled the day before or the day of closing. i ahve seen deals die because people incurred new credit which put them over the DTI ratio allowed for the loan.
This is not true (it may be true for brokers that don't fund their own loans). Not all lenders will re-pull your credit. You will, however, be signing a final application at closing that indicates everything is the same as when you originally applied.
I've been through at least a dozen closings and re-fi's in my life. Some were with brokers/correspondent lenders while others were direct with the lender, and my credit has been repulled the day before in every single occasion. It's not a risk that the original poster should take.
I wish, I spoke with the college yesterday and their looking for at least a 3rd, but I can't take that lump sum from any of my accounts. Closing is not until Oct1st.
This is not true (it may be true for brokers that don't fund their own loans). Not all lenders will re-pull your credit. You will, however, be signing a final application at closing that indicates everything is the same as when you originally applied.
The lender has already pulled my credit report for the approval. I already have the commitment and just need to wait for the certificate of the asbestos clean up before receiving a closing date.
The school said i need to at least pay a 3rd, which is $3200. Thats all i need to co-sign for my daughter, the rest i will do with the parent plus loan after i've closed on the house.
The lender has already pulled my credit report for the approval. I already have the commitment and just need to wait for the certificate of the asbestos clean up before receiving a closing date.
The school said i need to at least pay a 3rd, which is $3200. Thats all i need to co-sign for my daughter, the rest i will do with the parent plus loan after i've closed on the house.
Who is your lender?
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