How many times do you run my credit report and
verify my employment when I get a mortgage?
Question: I’ve just been informed that at the end of August 2011 I will be layed off. My husband and I have been thinking about selling our home and purchasing another home, but it may not all happen before I’m layed off. When getting a mortgage, how many times do you run my credit report and how many times do you verify my employment? Thank you, Karen
Answer: Karen this is a great question, and in this economy I’m asked this more often than you might think.
We run your credit report one time, and that is at the time you make loan application. There could be situations where we run your credit report again; an example would be if debt was paid off prior to running the credit report, and it’s not registering with the credit bureaus yet, then we’d need to run your report again if it affected your ability to get the loan you want.
Also, anytime we run your credit report it is good for 120 days.
We verify employment a little differently. At the time you make loan application we verify employment in writing. Then, a couple days before the loan closes we verify employment verbally with your empoyer.
To summarize the answers to your question Karen:
How many times do you run my credit report: usually we run your credit report once, and that is at the time of loan application.
How many times do you verify my employment: we verify employment in writing at time of loan application, and verify employment verbally a couple days before your loan closes.
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If you have any other question Karen, I can be reached at 541-868-1050 or by email at email@example.com