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Just be aware that, due to tougher credit restrictions, many new housing subdivisions are not accepting online lendors. I work at one where that is so and the reason is that in the last 6 months the agents in the office have not been able to successfully close even one online loan...and with Lehman going down it will only get harder to get business and home loans.
Just be aware that, due to tougher credit restrictions, many new housing subdivisions are not accepting online lendors. I work at one where that is so and the reason is that in the last 6 months the agents in the office have not been able to successfully close even one online loan...and with Lehman going down it will only get harder to get business and home loans.
Agreed, I know car dealers that won't even take Internet Financing.
The online mortgage told us that credit score is 725 and there shouldn't be any problem with this loan. If I try to get an another pre approval letter from anyone, they will check the credit history again and my husband is in opinion that credit rating is affected because of too many inquiries. Please provide me some info. on this matter.
if you shop within 30days of your first pull then it will only be counted as 1 credit pull. If you wait after the 30days then it can drop 3-5 points.
Most lenders view 700 as an 850 credit score.
DO NOT SET YOURSELF UP.
If you dont shop around that will give this lender more reason to give you a higher rate when it comes time to lock.
Quote:
Originally Posted by trusam
The online mortgage told us that credit score is 725 and there shouldn't be any problem with this loan. If I try to get an another pre approval letter from anyone, they will check the credit history again and my husband is in opinion that credit rating is affected because of too many inquiries. Please provide me some info. on this matter.
is there anyone shopping for the mortgage these days? what interest rates are you getting? please share the details.
we are offered 5.0% fixed rate for 15 years at 0.75 to 1 point by ditech yesterday.
Be very careful of Ditech. Many people have had the bait and switch with them.
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