Applied May 1 for a mortgage and was preapproved for 100% Wells Fargo Emerging Markets at 6.5%. Before anyone gets hot and bothered, I know preapproval means diddly...this was full desktop automated underwriter approval, if that means anything. I had filled out the whole app with all the needed papers, blah-blah. They pulled my reports that day, then again on the 11th. My scores were 675 efx/660 exp/679 TU. I just pulled my scores for sh**s & giggles the other day and they were 670 efx/616 exp/606 TU...nothing changed on any of these reports except the two hard pulls. Strange, huh? No, nothing "popped up", I checked line by line. Okay..so the broker says I am approved 2 weeks ago, through the automatic desktop approval. Then he calls and says I need last 12 months rent checks as "finally conditions to close" , which I send. So, I get an email saying everything is fine, just hold tight. My question is...I am now 2 weeks from closing and haven't heard anything. I called State Farm to get my homeowners set up and she calls the broker to get mortgage terms or whatever (I am a first timer, obviously!) and he gives them to her, like it is all a go. Should I be hearing from this guy? About 2 weeks ago I got papers from Wells Fargo in the mail and a good faith estimate, but no loan commitment letter. As part of this program, I had to take a Homeowners course, which I did. Should I be nervous, or am I just paranoid? I guess I am freaked because if they pull my credit again, the numbers are lower, even though nothing has changed on my part. The broker has been upfront with me and said when they (Wells Fargo) put it through the desktop u/w, I came up A- approved...plus, shouldn't they have pulled my credit again? Isn't that normal to pull again about 30 days before close? Sorry this is long, but you can tell I am naive. I am freaking out that this guy is going to jerk me around, but everyone says "Chill, it's cool" even though my hair is falling out and my tummy is sick. I have $1000 tied in earnest money, I kissed my landlord bye-bye, etc...please advise. I searched here and other places, but no dice.
they can pull if they want, there is no guarantee what they will do. i agree...just "chill out" until you get there!
First of all, when you pulled your scores, if it's from something like PrivacyGuard, they aren't the real scores that the broker sees. They can vary by quite a bit. So, I'm with everyone else. Take a deep breath, have a drink, whatever you do to relax, and just chill out. I think everything is going to be OK.
You should be fine. Remember that with Wells Fargo Emerging markets that you will have a mortgage insurance payment each month, I would double check that the amount shown on the GFE is the actual amount.
If they pull your credit again ( highly unlikely though) who cares? Your buying a home. I would be on the phone with my loan officer if it's bothering you that much. Saying bye bye to the landlord wasn't the wisest decision to make. Remember the house isn't yours and the banks until your through closing.
UPDATE>>>> Okay, I have my commitment letter, we are all a-go for the closing next Friday! Thanks, everyone at Credinet! BTW, they did not pull my credit again....the reason I was afraid is that this program has a 620 score requirement, and 2 of my scores dropped. But, you're right...what the broker saw WAS different than mine. My consumer Equifax file only has 2 less (positive) tradelines than the one the mortgage guy pulled...somehow, 2 good accounts of mine dropped off. So my scores were HIGHER than the ones I pulled on PG. Also...yes, there is PMI w/the emerging markets program and I do have the correct amount on the GFE.
