credit score: Should you get pre-approved before shopping for a home?
- 01/08/11 07:15 PM
That's a great question! Getting pre-approved by a lender should be one of the first steps you take when looking for your next home. If you're thinking to yourself, "My credit is good enough" or "I've purchased a house before, I"ll be ok" ...THINK AGAIN! Things in the mortgage world have changed dramatically in the past 12-18 months and a good credit score doesn't guarantee you an approval anymore. Underwriting is more intense now, and regardless of your FICO score, everything is put under the microscope: Your credit, employment history, asset documentation, and tax returns (just to name a few) … (2 comments)
credit score: Do you know how to get your "real" credit score online?
- 10/24/10 05:15 PM
It's been some time since I've posted on this topic, but felt the need to really re-visit this. Many lenders are raising their minimum FICO scores to 640, almost across the board for all loan programs. It is important for borrowers to know their real FICO score. There are several lenders will still do loans for borrowers down to 620, including myself. If you see any offers below 620, expect a high level of scrutiny on your borrower's credit history, stability of income, employment history, rental history, and much more. Below is the text from my original post: Getting your … (10 comments)
credit score: How a borrower with a 720+ FICO score got turned down
- 07/24/10 04:07 PM
How can this happen?? Was it due to a title issue? NO. Was it due to an income issue? NO. Let me tell you the story... This past week I had to turn down a refinance loan for borrowers with 720+ FICO scores. It was one of the toughest things I had to do. By the way, you can learn how to get your real FICO score by clicking here. When these borrowers came to me, everything looked great. Good income, low debt ratios, and good credit scores (720+). He was looking to refinance two loans from an 80/20 purchase … (3 comments)
credit score: Getting your "real" credit score online
- 04/10/10 04:45 PM
As a mortgage lender, I don't know how many times I've had clients tell me what they thought was their credit score, only to find out differently when they applied with me. "Why is that?" one might ask. I too have asked the same question before, so I did some research and what I found out astounded me. Most of the websites you see advertised on TV or top your Google search results offer you a "free" credit report and your "free" credit scores if you sign up for their trial offer for monthly credit monitoring. What they don't explain very well … (10 comments)
That's a great question! Getting pre-approved by a lender should be one of the first steps you take when looking for your next home.
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