personal mortgage - Posted by nicole s.

Posted by Rich-CA on May 29, 2007 at 20:23:41:

They can tell from the type of inquiry that you are shopping for a mortgage. I was told that the effect if they are all at nearly the same time is negligable.

Or you can use a mortgage broker. They run the report one time, use it for the apps and pre-approval then run it one more time once you are ready to produce docs with the lender.

personal mortgage - Posted by nicole s.

Posted by nicole s. on May 29, 2007 at 17:59:56:

This is my situation, I make about 35,000 a year after taxes, I have worked at my current position almost 3 years, and have used the same bank since I was 18. I have perfect credit as payments go, just a good amount of credit card debt. I recently was approved for a 95k mortgage, but then the house was put under contract before I was able to put my bid in. So then I switched my interest and took out a 7,500 personal loan, and started a business. Well the contract has now fallen thru, and I would like to get the house. The price is 75k, does anybody think its worth even trying to get the mortgage now with my bank, now that I have taken out the personal loan for the business and I have about 10k in credit card debt?

Re: personal mortgage - Posted by ken

Posted by ken on May 29, 2007 at 18:56:37:

I would write a contract and go talk to the bank.If that bank says no i would go find a bank that will say yes.If you give up before you even try you will never get anywhere

Re: personal mortgage - Posted by nicole s

Posted by nicole s on May 29, 2007 at 18:02:05:

I also forgot to mention that the house is appraised at $122,000, just the lady went into a nursing home and the family was trying to get rid of it fast for money to pay for the nursing home. I dont know if positive equity helps at all.

Re: personal mortgage - Posted by nicole s.

Posted by nicole s. on May 29, 2007 at 20:21:50:

my thing is though, i dont want everyone running my credit every time I go somewhere, that lowers your score.

Re: personal mortgage - Posted by Paul A (OH)

Posted by Paul A (OH) on May 30, 2007 at 08:16:36:

Sounds like you have a good deal on your hands. Go for it and don’t worry about your credit score dropping with multiple pulls. As a previous advisor stated as long as all the pulls are mortgage related it should not affect you score. “What good is having a great credit score if you can’t use it.”