Working in real estate you think I'd know this already...
Is there a website where you can ESTIMATE what amount you'd be pre-qualified for, for a mortgage?
This all to avoid an acutal credit check.
Thanks!
2007-03-23 04:37:57 · 6 answers · asked by Greta Leigh 3 in Business & Finance ➔ Renting & Real Estate
Why fear the credit check. it's a MYTH that pulling your credit for a mortgage drops your score. Yes - if you go out and have four car lots pull your credit one weekend, then apply for six credit cards, and have nine mortgage companies pull it - your score will drop. But if you pull your credit two or three times for a mortgage loan or other financing - you will be totally fine. it's truly the only way to actually know what you can buy. Every lender out there is score driven - and without a score - a prequal website will tell you nothing. If you think you know your score from those websites like freecreditreport or the like - you don't. Your mortgage score is a much different animal. Please feel free to email me at scarson@mortgageadvisorygroup.net for more info. I would be happy to guide you in the right direction.
2007-03-23 04:47:59 · answer #1 · answered by scarson1109 1 · 0⤊ 1⤋
You can always have the broker estimate for you without pulling credit score...and of course there are online tools all over that help you estimate what you can afford.
Quick rule of thumb-- if you have average credit you take 3.5 to 4 times your yearly and then add your downpayment and that is roughly what you can afford. With poor credit you would be more like 2.5 or 3 times your income and with really good credity you can go over 4 times.
But as the other guy said, one or two pulls of a credit score is not going to affect you much at all.. maybe a couple of points at worst-- you can quickly earn those back.
2007-03-23 05:16:43 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Any mortgage calculator can figure this for you but they run a credit check first-sorry don't know of any way to avoid this.
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2007-03-23 07:52:32 · answer #3 · answered by annalisa.fontana 2 · 0⤊ 1⤋
Look up mortgage calculator. When applying for a mortgage though, a credit check is always done..there is no way to avoid it.
2007-03-23 05:18:54 · answer #4 · answered by KathyS 7 · 0⤊ 1⤋
There are websites that will give you an ESTIMATE, not a guaranteed pre qual amount.
mortgage-calc.com (how much can I afford section)
2007-03-23 04:43:19 · answer #5 · answered by themligroup_com 2 · 1⤊ 0⤋
There are a couple links on the HUD.gov website, but those are for strictly government loans. I believe in today's day and age, many banks are fearful to put even estimated quote programs on their website in fear of lawsuits.
2007-03-23 04:46:03 · answer #6 · answered by Heather N 5 · 0⤊ 1⤋