This topic contains 13 replies, has 4 voices, and was last updated by Anonymous 8 years, 4 months ago.
- February 16, 2011 at 2:35 pm #412599
You would want to get quotes on the same day if possible because rates change daliy and what was here yesterday may not be the same case tomorrow.
- February 16, 2011 at 2:35 pm #412600
Yes, there is a two week window where you should do all your mortgage shopping. During the two weeks, hits on your credit for mortgage loans all appear as one hit. So you should do your shopping as close together as you can.
- February 16, 2011 at 3:25 pm #412601
you can get pre-approval and compare rates.
But you may incur fees in the process…
- February 16, 2011 at 3:34 pm #412602
This site is well recommended for loans and mortgages
- February 16, 2011 at 4:32 pm #412603
Yep…you can get pre-approved (which is better then pre-qualified) by as many mortgage lenders as you want. It doesn’t create a negative mark on your credit report.
Unless you have very bad credit most lenders can preapprove you in a matter of minutes.
Before asking for preapproval shop around for the best rates then follow through with the best deal.
- February 16, 2011 at 5:21 pm #412604
Yes you can- and probably should.
Nothing wrong with shopping around-make sure you get info on all the costs!!
You can make a number of mortgage inquiries within 30 days and it won’t hurt your credit score like applying for lots of credit cards does.
- February 16, 2011 at 5:40 pm #412605
Hopefully not! Your realtor may not be correct about that credit check. I have closed over 450 loans in the past, and I have never pulled an additional credit report 24 hours prior to close. Typically, once your lender has your credit report, they would only need a new one if 120 days pass or if a borrower is added to or removed from the loan.
Additionally, this $ 1000 credit card may not have reported at all yet. Even if it did, the payment on the credit card is very likely too small to impact your qualifications. That said, if you were only 1 or 2 points in your credit score away from not qualifying, you may have reduced your score enough to no longer qualify. Your lender representative should have advised you against making any additional purchases before closing just to be safe, but I think you are probably at very little risk of losing your loan. Opening or using a single, $ 1000 credit card is not a very large change in the scheme of things. If you went and purchased an expensive car with a $ 800 payment that would be a very different situation. But for now I think you can relax. Remember- worry is interest paid on a problem before it is due!
- February 16, 2011 at 6:17 pm #412606
The generally accepted margin that the lender will look at in regards to your current credit standings is 80%. That 80% means that if your credit cards and other financial burdens are above 80% of their limit, it is damaging against your credit score as you apply to get the house.
If the debt on the credit card is only $ 1000, it shouldn’t be a big deal for you to pay off enough of it. Also, if this is your only major debt that you owe to, and the rest of your credit is in good shape, you’ll be fine.
- February 16, 2011 at 6:56 pm #412607
i dont know, it depends if u pay it late.. just make the minimum monthly payment and u shouldnt have any problems.
- February 16, 2011 at 7:32 pm #412608
Actually very few lenders would re-run your credit report the day before closing. My guess is that your agent told you that to scare you into not screwing up his commission by going out and applying for a new $ 5000 credit card at your local Furniture Barn.
Assuming you already had that credit card, you’ve got nothing to disclose. It’s generally understood that people use their cards. Opening a new one should be disclosed, though.
Also, credit reports are often 30-60 days behind on their information.
Plus, $ 1000 on a credit card translates into only $ 20-30/mo. as a minimum payment on most cards. If your deal is so tight that another $ 30 added to your debts screws up your qualifying, you should be more worried about your ability to repay the loan than if you can even get the loan in the first place.
- April 16, 2011 at 5:25 am #199070
have over 10,000 dollars worth of credit card debt. should I consider consolidating?
I can afford the payments no problem, but in the long run, the interest may be more than what I could have paid if I was in a debt consolidation program. Does that make sense to you? Thank you for your time.
- April 16, 2011 at 5:37 am #256678
why pay a debt consolidation company for something you can do yourself? Here is something you can try.Look for a card that offers 0% interest for 6 months to a year.Transfer a balance you know you can pay off in that amount of time.No interest on that amount as long as it if paid in the 6 months ot a year. Shop around for a card that has a lower interest rate. My daughter found one at her credit union for 3.9% for 18 months.You can do this.Maybe get a small extra job for a few months and dump all that income on the smallest card to pay that off to jump start your journey.
- April 16, 2011 at 6:40 am #257069
Listen, you don’t need to pay more interest to pay off your debts. Take a look at http://www.daveramsey.com for starters. Buy his cheap book TOTAL MONEY MAKE OVER, or for cheaper go to Barnes and Nobel and read it there for free.
Basically, list your debts and credit cards, smallest to largest. While paying minimum on the rest of the bills, take some of that money you have (the ” I can afford the payments no problem” money) and pay as much to the smallest bill until you eliminate it. Cut up that card. Now take the money you were donating–I mean paying on the smallest bill and add it to the second bill, and get rid of that bill. Proceed to scissors and cut up that card. Then continue to pay down the list and I bet with in 6 months you either out of the credit bills or well on your way. And you have not donated any more new interest to the greedy credit card system. Now quit using credit cards, and keep the interest in your pocket to buy stuff you can wait to buy, until you can afford it.
- April 16, 2011 at 1:18 pm #257462
on 10k and you can afford it?,,,that means you can do it on ur own quite easily..
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