We've been preapproved for a mortgage by Amsouth in Mobile, AL. However, when credit was pulled there were two new (and immediately paid) collections that didn't show up on the reports. If Amsouth pulls again before closing and these show up, we might very well lose the loan. Everything else on credit report is good - only one 30 day late on a Visa - no mortgage or car lease lates. Utilization is probably a little high but overall debt to income is 32% - well below the 40% guidelines. Can anyone recommend a backup? Current trimerge score is 653, so I don't know how far it would drop with these collections factored in. Thanks! Poochie
ask them how long their credit reports "are good for"? usually 90 - 120 days, meaning they won't pull another one unless it goes past that timeframe. they won't pull another one without your permission, unless they plan on eating the bill themselves, otherwise they have to disclose - and get your permission - the cost to you UPFRONT.
Our broker said ours is valid until Feb 24 (4 months after we applied) and that they wouldn't pull again unless we went past that date. BUT I thought lenders pulled again right before you close (like within 24 hours) to make sure your financial picture hasn't changed?? I'm confused! Poochie
Sometimes they do pull again and to be honest your broker won't always know for a fact if they will or wont unless he actually calls the company. I know this is vague but I would double check with the broker that he has asked someone who is an underwriter at the lender and not just going off of his "past experiences"
you are correct, most lenders will repull the credit before the loan actually closes to make sure that nothing dramatic has changed in the persons credit situation. I am a broker and I know some of my lenders do not repull the report and will use my report that I provide them with other lenders of mine the credit report is only good for 30 days after the inital pull. With your credit score there are many options for you to obtain great rates and if they cannot pull through for you drop me an email and I will get it donw for you, Good Luck! BB@ allied home mortgage capital corp. boot21_2000@yahoo.com work email address is not on here due to anti-spamming purposed all responses will be sent via alliedhomenet.com Thanks!
