i was approved for a home loan thay sed thay will not check credit or bank info agen that info is good for 90?

Question

days so i paid of my credit cards and it took alot of money out of the bank was this a good or bad thing i still have enuf in the bank to cover two months payments

Answer 1

I work for a lender and we only pull credit when the loan is submitted (and yes the informaiton is good for 90 days) we do not pull credit again before we close the loan. If your lender/broker told you that your credit/information wont be checked before your loan closes then you should be fine.

Answer 2

Okay...typically this is the way it goes: you are pre-approved through a bank. They do that by checking your credit, running your income numbers, verifying income, etc. The average pre-approval is indeed good for 90 days.
During that time, you find a house you like and make an offer. You have a purchase agreement in hand and come back to the lender to actually apply for the loan. They will check your credit again to make sure that nothing drastic has changed in those 90 (or less) days. {Drastic events mean large purchases such as cars, appliances, boats or other large items that could possibly mess up your qualifying DTI ratio}.
If things are good, the process continues. If things are not looking on the up and up, they could possibly deny you.
To answer your question, your large w/d could be a bad thing. They will also check your bank account balances to make sure that things are okay and have not changed. When I work w/ my clients, I always tell them, "Don't touch a THING financially or credit-wise after you've been pre-approved." It can screw everything up. Should have asked your lender first.

Answer 3

THIS IS NOT A TRUE STATEMENT WHOEVER TOLD YOU THEY WILL NOT CHECK CREDIT AGAIN, IS CRAZY, THE WEEK OF YOUR CLOSING THE BANK THAT HAS APPROVED YOUR LOAN WILL RUN A CREDIT CHECK AGAIN TO MAKE SURE THAT YOUR DEBT TO INCOME HAS NOT CHANGED LIKE IF YOU BOUGHT A CAR OR OBTAIN MORE CREDIT CARDS AND WHAT HAVE YOU...SO YOU BETTER CUT SOME UP AND DO NOT USE ANY OF THEM CANCEL THE ONES WITH HIGH INTEREST ANYWAY AND BE HAPPY IN YOUR NEW HOME, THERE IS A LOT OF EXPENSES YOU INCUR WHEN YOU BUY A HOME BEST NOT TO MAX THOSE CARDS OUT IN CASE OF EMERGENCY....

Answer 4

Paying off your credit cards would be good for your credit, so I wouldn't worry about that. Unlike another poster's advice, I would suggest that you don't cut them up or close the accounts, as that will affect your credit rating because you won't have x years of history with that card. I totally agree with the suggestion not to add to your debt load, though. As for taking money out of the bank...it isn't unusual to take money out of the bank and buy things for a new house (furniture, blinds, moving van, etc), right before you move.

Answer 5

dude, you're fine. yeah, they'll check your credit again, but if the reproting agencies have updated by that time, you'll just show open accounts with zero balances. If you're really concerned, call your mortgage broker and wxplain what you did.

I think you'll find that you're better off in the long run even if you did deplete your checking account in the process. Just take the money you had been paying to the credit card companies and replenish your checking acct.

Good luck with your house.