When they ran my credit for the pre-approval my credit was okay. So I go sign all the papers for the house tomorrow. My question is before I close on the house will they check my credit again? Because I just recently had a check garnish from a hospital bill. It was only 200.00. But it will show on my credit now. Since I go sign all the papers tomorrow I should be okay?. The morgate loan is through Wells Fargo if that helps answer my question at all. I just wondering would that garnishment effect me at closing. Thanks.
2006-08-16 15:45:55 · 12 answers · asked by pinkkidsclubbing 2 in Business & Finance ➔ Renting & Real Estate
If you are just signing the purchase agreement then yes your credit will be ran again. Wells Fargo is a bank and has strict guidelines but I can't see them denying the loan offer a $200 collection. They could raise the rate. Have you shopped around to see if indeed your getting an outstanding rate? I would recommend contacting a mortgage broker as they have millions of dollars in loans a month that a bank or lender would give rate discounts in order to obtain that business. I hope this helps you and good luck but if you need any help or have any additional questions please feel free to contact me www.dantadgerson.com
2006-08-16 18:25:37 · answer #1 · answered by Dan 3 · 0⤊ 0⤋
Have you settled the bad check (if that's what it was)? "Garnish" -- if you meant to use that word -- may mean, indeed almost surely means, there is a judgment against you. That doesn't look good on your credit, but the amount is small and perhaps you can explain it to a lender.
In the USA (not in many other countries) a contract for the sale of land is conditional, including conditional on financing. The reason for your giving credit information to the seller is so that the seller, in accepting your offer, can be reasonably sure the conditions will not lead to cancellation -- that you'll get the credit.
So if there is any risk that the bad check will lead to rejction for a mortgage, you might be advised to tell them. If you have a lawyer, ask him or her. Or ask the agent.
With only a $200 dispute involved, it seems wildly improbable that you wouldn't be able to get a mortgage. Conceivably the interest rate could be higher. Or you might have other issues that you haven't told us.
2006-08-16 15:53:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The contract replaced into void and null. in case you signed an grant, the vendor well-known it without adjustments, there might were a binding and enforceable contract. although, in you case, you signed the grant, the vendor further a clause on it; then there may be a counter grant. You, via fact the shopper has to settle for the counter grant to make the contract binding. Now, you stated you probably did no longer know with reference to the counter grant, and you probably did no longer preliminary the further clause (or adjustments), then you certainly can evaluate your unique grant voided. To be secure, you may touch a criminal expert. so some distance as i know, you have been out of the deal. you may document a criticism with reference to the Realtorr. He could be disciplined. with reference to the fee: it rather is authentic that the Realto replaced into no longer doing his interest precise. And it rather is authentic he shouldn't deserve any fee in any respect. even though it rather is extremely in all danger the vendor might nevertheless could pay the fee as quickly as the deal is closed via fact the Realtor had already did his interest. no count it replaced into sturdy or undesirable.
2016-09-29 08:45:58 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Who accepted your offer? The sellers or the mortgage lenders? If Wells Fargo already approved you mortgage, they will not do another credit check, but if it the sellers that accepted the offer, don't sign anything else until your mortgage loan has been approved. You actually should have put in your offer, "Subject to financial approval".
Good Luck with your new home and congrats.
2006-08-16 15:53:29 · answer #4 · answered by nellie 3 · 0⤊ 0⤋
Your credit will be run at least one more time 1 or 2 days before closing. Pay the debt and keep your receipt and let your lender know what is going on. If you are up front with it it shouldn't be a problem.
2006-08-17 14:21:36 · answer #5 · answered by CYNTHIA R 2 · 0⤊ 0⤋
Yes, they will do a final credit check just prior to closing. Disclose this info tomorrow to your RE Agent before you sign the Purchase Contract.
2006-08-16 15:51:27 · answer #6 · answered by ValleyR 7 · 0⤊ 0⤋
No I do not believe that is going to happen.
You were already ran through and all the people want now is for you to sign so they can get paid.
2006-08-16 15:50:05 · answer #7 · answered by Biker 6 · 0⤊ 0⤋
No, they won't check your credit at closing. At this point, all that could happen is the bank could potentially raise your interest rate....but I doubt it.
2006-08-16 15:50:33 · answer #8 · answered by Jen B 3 · 0⤊ 0⤋
I doubt it everything else is OK, if it was not you would not be signing the papers tomorrow, good luck on your new home
2006-08-16 15:50:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Get a lawyer
2006-08-16 15:51:16 · answer #10 · answered by Mdk 3 · 0⤊ 0⤋