Jan
I am planning on starting the quest to get my first home/home loan. I want to meet with many lenders to go over diffrent options that they have. I don't want all these lenders pulling my credit (I am planning on doing this over a 2-3 months) If i pull my own credit and get my Fico score and take in my W-2's for the last 2 years will this be enough for them to give me a approx amount of a loan ? and rate?
Answer:
Hello ME2029
it's good that you will interview various lenders… you should keep it to a handful, — they all have the same programs.
In regards to pulling your own credit report, the lenders will need along with the FICO … they will need complete details of your credit history (open trades, closed trades, open and closed derogatory trades, public records, employment and address information etc). They need a snapshot of how you pay your creditors. The w-2's will be handy and.. ofcourse any assets you may have… for lender required reserves and closing costs.
Remember, the rate shops you. Your credit and income history will dictate what is the best loan program for you.
Best of luck.
Daisy
Answer:
What you are asking for sounds like a loan "qualification." That is simply an estimate of what you can afford. It is not a comitment from the bank. They should do that without a credit check.
too bad you don't accept email, I have many thoughts to share with first time home buyers - too many to include here.
Answer:
Make copies of your current credit report and W-2 forms and talk to them in person, NOT on the phone. Let them see your paper work first, then negotiate.
You don't want a bunch of lenders pulling your report because too many inquiries will lower your score.
And watch out, some mortgage brokers will submit your application to various other lenders to try and find you a loan, and they in turn request your credit report.
I found that out the hard way a year ago when I applied. My mortgage broker who works for one bank, submitted my request to 4 other banks at the same time. My score dropped due to too many inquiries.
If you tell them you know about hard hits on credit reports and that you don't want any at this time, you will at least let them know you are an informed consumer, they should respect your credit.
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