I am a first time home buyer. I paid everything that my Mortgage broker told me to pay (outstanding debts, etc.) and showed him letters to prove it. He tells me" O.K. Let me report this to the credit bureau and see what kind of numbers we get, I will get back to you in 72 hours." If 2 bureaus already had my score over 620, then what is he doing? Please I need some insight. (By the way), thanks for all of the great comments and suggestions to my other questions regarding this matter.
2007-03-19 09:04:57 · 5 answers · asked by KinWin 5 in Business & Finance ➔ Renting & Real Estate
Make sure you are talking to other brokers than just one. They are all out to make a buck. Shop it around. Your credit score will not go down if different mortage people pull your credit. According to the "Fair Credit Reporting Act" you are only hit with one inquiry in a 90 period when having your credit pulled for the purpose of looking for a mortgage, even if it is puleed several times in that 90 day window. This allows consumers to shop rates and deals. Take advantage of it. Look around! If your income and job is ok for a mortgage you should qualify at a 620 credit score already.
2007-03-19 09:16:22 · answer #1 · answered by Millionaire in training 4 · 0⤊ 0⤋
Sometimes paying off debts will actually lower your credit score. Sorry to perhaps be the bearer of bad news. Once the updated credit report comes in you'll know whether or not those payoffs were good advice or not. If you can't get an answer within 15 minutes of his getting the updated report back, you're dealing with the wrong person. First time buyers are usually better off dealing directly with the lender rather than a broker as the costs through a direct lender may be less and you're dealing directly with the entity who approves your loan rather than a 3rd party.
Even though Fannie Mae qualifying starts at 620, some first time buyer programs have higher score requirements.
2007-03-19 09:17:46 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
Your broker is lying to yu. Just because you paid your debts before applying for a loan, your credit score is not going to jump up. since 2 yrs, every individual can get their credit report for free from all the three crdit companies. Just call them up and tell them that you want your cr. history send to you. Once a yr. it is free to you. I do not want to disappoint you, 620 is not that of a great deal score. Yu going to pay a high interest rate with that kind of a score. Be careful. go to a library and get a hold of books relating to mortgage and closing ete. Or go to Bankrate.com. good luck
2007-03-19 09:25:46 · answer #3 · answered by "Vallamkali" 2 · 1⤊ 0⤋
It will vary from broker to broker on how long they take. Could be a day or two, could be a couple of weeks.
Odds are if it is taken a while they are figuring out a way to approve you.
2007-03-19 09:16:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It does take a little time. Don't worry you will be fine and on top of the world, soon. Good luck.
2007-03-19 09:09:11 · answer #5 · answered by Akbar B 6 · 0⤊ 0⤋