Hi all, I just got an unsolicited pre-approval from IndyMac bank for a mortgage loan... I'm actually looking to refinance, but I have kinda low scores (PG 620 - haven't sprung for a real fico in awhile). Anyway, anyone know if their preapprovals are real preapprovals, or am I likely to waste a hard inq and be declined? Thanks!
"PRE-APPROVED" TO APPLY Although you get bonus points for it... "IF" you are a couple of points from approval...they will go ahead and approve since you had the "PRE-APPROVAL"...
Hmm... was hoping they might be a little better than most of the CC cold-call preapps that come, they have stuff like this in the letter: "You're pre-approved for a new home loan..." "What does Pre-approved mean for you? That's just it you're pre-approved. No Hassles. No Gimmcks. lock in your interest rate while on the phone." Guess I'll give them a call to see what their approval criteria are... Thx!
Re: Re: IndyMac preapproved I got one with scores around yours (620-650) and eventually purchased my house through them. They gave me a first mtg (80% LTV) and a HELOC (15% LTV) and required me to put 5% down. After 4 months, they sold my mortgage to CountryWide. It was a fairly good experience overall. I bought the house Oct 2002 and got 6-3/8 rate.
Re: Re: IndyMac preapproved My loan was conventional (no special bad-credit loan) but the rate wasn't the best. I think the best at the time was like 5.5ish?
Re: Re: IndyMac preapproved I refinanced with Indymac, and their rate was the lowest of all the mortgage companies I shopped with. My middle score at the time was 711 or so, but the loan officer told me all they need in order to get the best rates with them is a middle score of 680+ Some people here, myself included, have noticed that the PG score (EFX) is usually lower than the real fico score. My current PG score is currently about 35 points lower than my real FICO score, so I'll recommend you order your score so you know where you stand.
Re: Re: IndyMac preapproved I take part of that back. I just pulled my PG report right now, and PG says my EFX score is 685, and my current EFX FICO score is 728. So that's a 43 point difference.
