if a mortgage has got to the stage of releasing the completion form, and given a date for going through but they still have to do the credit check. how likely is it to go through???
2006-11-08 00:53:29 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I am no mortgage expert, BUT I am a real estate paralegal/closer and I have seen MANY closings fall apart because of a last min credit check. Usually, what takes place is the applicant has charged a bunch of furniture or gotten other credit cards and this has changed the delicate information that the loan was originally approved for. ANYWAY - it is my understanding that the mortgagee will verify employment and credit prior to sending the final documents out for signature.
2006-11-08 01:00:49 · answer #1 · answered by amy 4 · 0⤊ 0⤋
Since the loan process can take longer than 30 days, the lender must verify that no adverse changes have occurred to the borrower's credit history since U/W before they issue final committment. You have concern to worry if your score has dropped from: 1) failure to make timely pymts which have been recorded on your credit report as derogatories. The reproting cycle is sually 30 days so this only applies if your loan has been in process beyond 30 days. ; 2) made numerous attempts to get financing from other lenders for another major purchase e.g. a car etc Every time a lender pulls your credit, your score is impacted by roughly 5 points. 3) made a major purchase during the loan approval period e.g. bought a new car worth $20k since this will shift your debt to income ratio upward. If your were already a borderline credit risk, you just pushed yourself into the desirables category.
2006-11-08 01:43:59 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
This depends on the credit report..although I don't know why any mortgage company would go through the work of submitting a file without a credit report.
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2006-11-08 02:35:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
My name is Mike Bradley and i work with Bourdeau Financial, and if you are having this hard of a time getting the loan done, i highly suggest you give me a call. I can get you a answer, whether it be approved or not within 30-45 minutes. We have thousands of programs and sixty different banks that we deal with in order to get you the best program possible for you. I can be reached at (866) 530-7300 X 7316.
2006-11-08 06:24:41 · answer #4 · answered by Mike B 1 · 0⤊ 0⤋
I am too. What is a completion form? Is it the same as "Clear to Close"?
If Underwriting has issued a closing Date the they are 99% sure it will go through.
Again what is a completion form?
2006-11-08 00:57:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
call a land title company and a bank and ask questions
2006-11-08 00:56:17 · answer #6 · answered by debbie2243 7 · 0⤊ 0⤋