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Applying for mortgage, worried about ding on credit from application?
Shadowfire
Vermont, in the middle of nowhereRegistered User regular
Vermont, in the middle of nowhereRegistered User regular
My wife and I will be putting through an application for a mortgage. Most places will only give an estimate before they run a credit check, for somewhat obvious reasons. However, if we wanted to shop around, what effect would 2-3 banks running that check have? That is, the first one runs the check.. does the credit report instantly look worse to the next two?
Also, anyone know if there's a special way we should apply? I assume my name should be first, since my credit is just about spotless (everything is either Paid,Closed/Never Late, Open/Never Late, or Deferred in the case of my student loans). My wife's credit isn't quite so good.. she didn't pay her student loans as fast as she should have, which has caused some problems. It's still alright, but not fantastic. Is there a way to apply using my credit rating, but listing both of our incomes? Or should we just bite it and throw us both on there?
Also, anyone know if there's a special way we should apply? I assume my name should be first, since my credit is just about spotless (everything is either Paid,Closed/Never Late, Open/Never Late, or Deferred in the case of my student loans). My wife's credit isn't quite so good.. she didn't pay her student loans as fast as she should have, which has caused some problems. It's still alright, but not fantastic. Is there a way to apply using my credit rating, but listing both of our incomes? Or should we just bite it and throw us both on there?
PSN: Bradcopter | Steam: Shadowfire
https://steamcommunity.com/profiles/76561197970666737/
https://steamcommunity.com/profiles/76561197970666737/
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why would you need 2-3 credit checks? typically you would find your loan officer and they would check for you. are you plannign on going to several different people? if so why?
i don't think its that serious a hit from getting a credit check but if you had 2-3 in a row it would add up
I am in the same boat. we are moving to Pittsburgh this summer and are looking to buy a place since the market is quite low there.
we are basing the entire application off my income even though my wife will be working. the loan agent won't actually put your credit in until you actually find a place. i would talk to a loan person and see what they think with regards to adding your wife. it is a good idea to know what your score is going in.
good luck though. its a good time to buy. 8000 tax credit and a low apr, 5.5%
There are plenty of mortgage calculators online that can give you a rough estimate of your payment, without having to have your credit pulled, so you can figure out the price range of houses you should be looking at. Usually your realtor will recommend a broker that clients of theirs have used in the past, and as long as your realtor isn't shady, the broker shouldn't be either.
If you look at foreclosures and short sales though, sometimes the bank that owns the house will have as one of the contract requirements that you at least get pre-approved through them for a mortgage, even if you don't plan on using them.
We were planning on talking to a couple of banks (one is a local bank offering 4.9%, another is a national bank offering 4.8%), but no one will really discuss the exact terms (final interest rate, loan amount, other terms) without doing a pre-approval, which I thought required that credit check. I guess I'm wrong there?
Up here, housing values have dropped quite a bit. Taxes are still fucking ridiculous, but the prices themselves are low, and the taxes won't be getting better.
We want to get out of the apartment we're in (long story.. the owner let the apartment go into foreclosure, and we would have been booted by the bank. He got it squared away, but we don't want to wait for the next time it happens), and we decided long ago that the next time we move would be into a house. We'd been looking at houses in the area for quite a while, so this was the last push for us. The tax credit helps too.
We can afford payments on a roughly $100,000 home, including taxes and insurance. Actually, we could probably go higher, but we have to worry about paying for oil and maintenance, so we're sticking as close to what we're paying now as we can.
https://steamcommunity.com/profiles/76561197970666737/
i like the way the people we are talking to is doing it. we got a preview type pre-approval where its an estimate of what we will have to pay for a certain house at the top of our range. it wasn't a pre-approval persae but it broke down the payments so essentially when we find a place we want they will submit for that much. at least that is how i am undertanding it, it could be pre-approved though that doesn't mean jack until you know how much you are requesting to see how much you really can afford.
try and stay away from an adjustable if possible. when rates inevitably rebound its best to be locked in, even if it means getting aslightly higher rate since it will still be fairly low.
are you using an agent? the place we are talking to has a mortgage person on staff whose sole job is find you the best loan.
You check your own credit, then take that around to banks and ask for quotes. Find one you want, then have them do a credit check on you to verify.
After 7 you get dinged again.
All I can say is if i get approved for the house I am not concerned as much about the impact of my credit score. Once I buy the house I have no big purchases left that would require new credit. Unless you are starting a business, typically that house is going to be the toughest loan to get.
We actually got somewhere in the 4.5 to 4.6% range, he didn't have the numbers quite done yet but we should know on Monday.
At least where we live, the housing market under $400,000 is brutal because of the one-two punch of first time buyer tax credit and low interest rates. Every house we looked at already had 10-15 bids. We bid 360 on a house that was listed at 340 the first day it was on the market two days later we found out we lost and there had been out of the 8 total bids higher then ours.
We ended up buying a completed new home from a builder who had four done but not sold. New houses are coming with some decent incentives and the ability to deal here in the east (one was offering 3.875% on already completed homes) foreclosures are turning into a horrible bidding war as listed above.
Well, at least that's a sign that the economy is improving, that people are bidding on housing. What area you in?
The house we bid on originally was a townhouse that sold new for 610 two years ago, a year ago foreclosed at 500k left and now waiting to see what it sold for - I am guessing 380-400k.
foreclosed houses are going fast. new houses closer to dc are doing good too... go about 40 miles down 66 and they aren't going as fast and some deals can be made.