on 1-9-01, my credit report from equifax was pulled and I was PRE-APPROVED for a mortgage. Later when I submitted a hardcopy application. a "RMCR" was done,it was done on 1-19-01. The loan is scheduled to close on 2-27-01. So far my credit has been checked twice by the lender. My question is..someone told me right before closing the lender is going to check my credit AGAIN!! a THIRD time!! Is this true?
RE: they might, or they may no Yes they do, just to make sure there are no outstanding/unsettled debts before they commit themselves permanently. If there are any changes, like new credit cards, new loans to even suggest that you borrowed the money for your down payment they are going to want to know why and sometimes hold up the closing until satisfied. I worked for a mortgage lender. I don't mean to scare you, but they can pull out of the deal anytime up to the closing date if they feel there is a risk. If there are no changes, you don't have a thing to worry about.
Credit inquiries coded for mortgage purposes and made within any given 14-day period are counted as ONE inquiry, even if there were a hundred of them. Unfortunately, the interval between yours is too big. But the one prior to your pre-approval was probably soft. If not, talk to the lender. Saar
RE: they might, or they may no I do agree that they have that option. I was just stating that my lender did not do that.
Thanks for the information. I have no worries, as nothing has changed. Just don't like all of the inquiries.
RE: YES -- NO !!! They don't *always* check it 'right before closing'. A RMCR is good, with most lenders/brokers, for 90 days. Since her credit was pulled on 1-19-01, it's good through 4-19-01. The 'right before closing' usually only applies to people who build NEW homes rather than purchasing an existing home. They have to pull it up front in order to approve the loan, and then the building process usually takes far more than 90 days, so they pull it again right before closing because the underwriter wants to make sure nothing has changed. Again, it's good for 90 days with most lenders.
