Mortgage and credit checks

Discussion in 'Credit Talk' started by katrina, Feb 7, 2001.

  1. katrina

    katrina Guest

    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?
  2. Momof3

    Momof3 Well-Known Member


    Yes they will check right before closing.
  3. the other

    the other Well-Known Member

    they might, or they may not

    I have heard it is common, but my lender did not do this.
  4. jamie

    jamie Well-Known Member

    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.
  5. Saar

    Saar Banned

    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.

  6. the other

    the other Well-Known Member

    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.
  7. katrina

    katrina Guest

    Thanks for the information. I have no worries, as nothing has changed. Just don't like all of the inquiries.
  8. John Shimm

    John Shimm Guest

    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.

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