- This topic has 8 replies, 3 voices, and was last updated 10 years, 3 months ago by Anonymous.
- February 6, 2011 at 12:43 pm #411172AnonymousInactive
There is a very good chance that your loan will not be approved in underwriting. Her score is just too low. At this point you can only keep your fingers crossed.
- February 6, 2011 at 1:02 pm #411173AnonymousInactive
You got locked into a 5.75% with scores like that!
You may find yourself in a surprise with this but your LO office was certain enough to say you are in the clear so got you to pay 1500! Must not be a novice LO, I would recommend going to her supervisor and get a documented confirmation on this. You should of asked them to pay it as part of your package. Pre-approval means just pre-approval. Underwriting is a whole different program, It is an actuall person that test your risks such as income, credit score ect. You loan may go to a few underwriters with that score therefore delay your closing date. I see alot of banks use the middle score of the one with the lower credit score as there marker for APR rates. I hope this one goes through for you. My friend Tom had a score of 740 his wife has a 635 with the same DTI and incomes ect. and got pre-approved and ended up not getting approved through underwriting. Do some more research on how many loans get approved in underwriting.
- February 6, 2011 at 1:39 pm #411174AnonymousInactive
There are several companies out there that do grant loans to individuals with poor credit assuming you have a weekly paycheck. I would not advocate using this type of financial unless it is absolutely necessary. It can be very expensive especially the fees they charge.
However, there are also many, many loan sharks out there that will take your last dime with no remorse. You must be very careful in this area and check out every potential lender (better business bureau is a good source) and of course read the fine print very carefully.
- February 6, 2011 at 2:16 pm #411175AnonymousInactive
Did you get a “pre-approval” or a “pre-qualification”? There is a significant difference.
A pre-qualification is just an indication that you are qualified for a mortgage of a certain amount, with no obligation of the lender to follow through.
A pre-approval, generally, has been through underwriting already and the letter should state something that commits the lender to making that extension of credit if there is no material change in the information originally submitted and the eventually selected collateral (the home) is satisfactory. Your credit would have already been pulled.
Look at what you have from the lender and see if it has language to that effect. Often there is much confusion about the loose inferences of a pre-qualification versus the tighter commitment of a pre-approval.
- February 6, 2011 at 2:19 pm #411176AnonymousInactive
Hers is low but yours is high, personally would not worry about it it will be mostly based on yours
- February 6, 2011 at 2:23 pm #411177AnonymousInactive
It looks to me that you should question why you need credit. Save for a couple of months, or take a part time job until you Have some cash independence. Then you can use a no interest bank card and spend only what you need.
Get on a budget and stop paying interest
- February 6, 2011 at 3:20 pm #411178AnonymousInactive
The average credit score in USA is 720. You are average. You could easily carry $ 3,000 in revolving credit..
- April 16, 2011 at 1:37 am #198779AnonymousInactive
I just lost my job of 5 years and have a mortgage loan of which I am sure I will not be able to pay soon. I am thinking of seeking the help of a mortgage loan modification company. Would like to know the benefits since I think I can do this thing by myself. Any help will be appreciated.
- April 16, 2011 at 3:41 am #256444Ginger VealMember
The benefits of hiring a loan modification company is basically saving yourself alot of time from research and actually doing the the loan modification process. Its important to understand that their is nothing a loan modification service can do, that you cant do yourself. If you have the extra money and choose to hire a service, then great. The only real benefits is the time saving and they have knowledge about the industry. It simply is a service. Such as a housekeeper. You can clean your house yourself but its much easier to hire someone else to do it for you… (granted they have experience and may do a better job than you can, but its pretty marginal once you know how to do it)If you do decide to choose a service make sure you hire a legitamate company. In my experience I have seen WAY to many homeowners bieng ripped off and losing thier home becuase of some scammy loan modification company. If you choose a good company they can do great things for you. If you choose to do it yourself just keep in mind that the loan modification proccess requires alot of time and patience. You can download a FREE Do It Yourself Loan Modification Kit from the website I have listed in my resource box below. Check it out if you want to learn a little bit more about doing a loan modification yourself before you decide to hire a company. Hope this helps..and good luck to you!
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