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jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

Right now i am shopping for my refinance loan. I found a lender who can do the loan i desire. But he would not like to talk with me more or tell me more about their program(details like interest rate, point,etc) unless i submit the application form and disclose my financial info.

Basically I just do not like to disclose all this before I know that there is a chance that I would work with him on the loan. Will you guys submit the application before you know what the loan officer can offer you??

Thank you.

jenkin7 · Posted: Mon Jul 20, 2009 2:49 am Post subject:

Hi jk,

You need to disclose your financial information, credit scores etc to get a mortgage quote from a lender. What kind of interest rate you are likely to get depends on your credit, your income and a lot of other factors. If the lender does not know what your approximate income is, how much you can afford, what amount of down payment you can make etc., they will not be able to quote you an interest rate.

gmakerley · Posted: Mon Jul 20, 2009 8:57 am Post subject:

you should certainly give your potential lender sufficient information to enable a loan officer to determine what loan program best fits you. if you simply call up and ask "what's today's rate?" that'll get you nowhere. provide your personal information, to include income and asset information, and you'll be on your way to success in obtaining a mortgage that's suitable for you.

jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

thank you for your answers. Actually i can disclosure my financial infomation. I just do not want him to pull my credit before i am prepared to refinance and refinance through him. I am concerned if i give my SSN to him, he will jump to pull my credit which is a hard hit on my credit. I told him that i can print out my credit report and told him about my credit score. But he seems to prefer pull out my credit himself. Does that make any difference? If i am going to refinance through him, of course i will disclosure everything i need to. Thank you.

livinginnky · Posted: Thu Jul 23, 2009 1:52 pm Post subject:

Showing him your credit should suffice... however if anything is different when it comes time to look at an updated report the deal will change.

You actually have to give them permission to pull your credit if they did it without your knowledge that would be a different story.

It's like George stated, the only way to get an accurate quote is to have all the information available.

Posted: Fri Jul 24, 2009 12:18 pm Post subject:

when you shop for refinancing loan, you may want to get quotes from different lenders and then compare them to get the best one.

If every lender pull your credit score, it would be a heavy hid on your credit score. That's not good.

So I would like to pull my credit score by myself since this will not have any impact on my credit score.

when you go shopping for refinance loan, just give each lender the credit score report and then ask them for quotes. Once you compare the quotes, you can choose who you are going to use to refinance your property and then this lender can inquery your credit score since he has to do it any way. Do you think lenders will work like this?

Thanks.

Guest

I think you can do it that way. However, the lender will give you quotes based on your present credit score. All lenders may not accept the credit report you show them. They will want to pull you credit report and then check it.

gmakerley · Posted: Sun Jul 26, 2009 7:23 pm Post subject:

actually all lenders will grab their own report - some will consider what you provide them, but not all.

and this is noteworthy: if you are mortgage shopping and you hold your shopping period to 14 days, all mortgage-related inquiries will be considered as if it were one total inquiry. this is according to myfico(dot)com. ergo, shopping around isn't necessarily harmful to your score.

jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

George, thank you for your information. the 14 period is a good advice for me and i will make sure i will do the shopping intensively in this period.

livinginnky · Posted: Mon Aug 10, 2009 12:29 pm Post subject:

Keep one thing in mind though...

if I give you a quote on Friday and George gives you a quote on Monday even though the rates are different we could have been quoting the same thing.

Let me explain that in detail... Rates change everyday, sometimes twice a day, I am usually unwilling to give a rate quote because it is difficult to compare lenders unless... 1. All lenders have the same information available... 2. All quotes are from the same day... 3. You are getting the same type of quote, ie. Lowball, average, or worst case scenario...

Lowballers - quote you the lowest possible rate available not factoring personal scenario
Average- quote you the average rates over a period of time
Worst Case - quote you the highest the interest rate could be

So as you see it matters who you are dealing with and what they are actually quoting you and when they are quoting it to you.

Hope this helps let me know if you need any clarification.

knalaweyei17 · Joined: 25 Jul 2009 Posts: 23 14.64 Dollars($)

I am an aspiring first time home-buyer with lots of questions.

DH and I have been attending Open Houses for several months now while we are building up our down payment. As we're new to Charlotte, this has been a good way to help us get a feel for neighborhoods.

Based on our own self-education and research, we know roughly what our price range is, but have yet to speak with a lender to actually confirm that our estimate is accurate.

My question is about the timing of it all. If we talk to a lender now, but don't anticipate purchasing anything until, say, December or January, does the quote/rate the give us still apply?

I understand that lenders have to look at your credit report to determine the amount you can qualify for, and that there is a 14-day window when inquiries don't negatively impact your credit (is this correct?).

If we talk to a lender now to find out how much we can borrow, but don't actually want to purchase anything for another six months (or longer), what impact does that have on our search?

smithsussane · Posted: Thu Aug 13, 2009 9:39 pm Post subject:

Hi knalaweyei!

Welcome to forums!

Rates keep on changing everyday. Moreover, the value of the property can also change depending upon the market situation. Right now, the property values are falling due to the crisis in the real estate market. You never know whether the property prices would rise or fall in the next 6 months. As far as credit report is concerned, in case of soft inquiries, your credit report will not be affected. However, in case of hard inquiries - such as lender checking your credit report in order to give you a loan, your credit can get effected.

Feel free to ask if you've further queries.

Sussane

knalaweyei17 · Joined: 25 Jul 2009 Posts: 23 14.64 Dollars($)

how to earn more to senda link?

gmakerley · Posted: Fri Aug 14, 2009 11:09 am Post subject:

can you please stop polluting the air with these foolish posts knalaweyei17? thanks.

info89 · Joined: 14 Sep 2009 Posts: 1 1.30 Dollars($)

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Good Luck!

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