how long does it take to get 1 point? we are surppose to close at the end of the month.everything else is done.
2007-03-12 18:00:51 · 2 answers · asked by monkey_green_park 1 in Business & Finance ➔ Credit
What do you mean "waiting for 1 point"? Are you paying 1 point origination fee? Then this is just 1% of the loan amount that you will have to pay to the bank at the closing? Are they waiting for you to show proof that you have that money? Explain "waiting for 1 point"
I am a loan officer, I don't understand the question.
2007-03-12 18:12:55 · answer #1 · answered by Alexander K 3 · 1⤊ 0⤋
While applying for a mortgage loan, your FICO score plays an important role in deciding whether you are approved for the loan or not. Here are some tips that will tell you what to anticipate from mortgage lenders. For a credit score less than 585, you have to make a down payment of at least 10-20% on the home. You will find it difficult to get 100% financing at this stage.
2007-03-13 08:22:42 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋