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Kim
Guest
0.10 Dollars($)
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 Posted: Wed Jul 26, 2006 3:52 pm Post subject: Mortgage application process |
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My husband and I are in the mortgage application process and are waiting to receive word of a mortage commitment from a bank.
We have been preapproved. My credit score is 635 and his is 775. I have had delinquencies in my credit card payments in the past but as of over a year, or two all of my accounts are current.
When your mortgage application, credit etc is reviewed, do they take into account other things besides credit to approve you?
I've been worried about being rejected for the mortage after we have gone so far through the process already because of this...
Thanks...
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Wed Jul 26, 2006 3:59 pm Post subject: |
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Hi Kim,
Welcome to MortgageFit Forums.
What were the reasons for those late payments? That's the question that a financial institution can ask you.
Delinquencies or late payments are definitely checked by the lenders while approving you for a loan. They just want to see if that is a habit of the borrower or it had some unavoidable reason.
Don't worry. If you can give a satisfactory explanation to your late payments and what action you have taken to recover they are more likely to approve you.
Feel free to ask if you have any more queries or doubts.
Best of Luck! 
God bless you.
For MortgageFit,
Samantha
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jameshogg
Joined: 20 Dec 2005
Posts: 1544
Location: nevada
217.21 Dollars($)
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| Posted: Wed Jul 26, 2006 4:09 pm Post subject: |
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| How is your husband's credit? His score looks good to me. Is he the primary earner? In that case he could have applied for the loan alone? Anyways you can get approved for a mortgage loan today, if not with this bank then, with some other. May be you won't get the rates as much as you would have liked. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
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| Posted: Wed Jul 26, 2006 4:26 pm Post subject: |
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Hi Kim,
Very few consumers have perfect credit and don't get worried if you have credit problems. Lenders do look at it but as Samantha said if you had satisfactory reasons then it's not a big problem. Just see that things don't become worse.
Basically, if you've had credit problems in the past, a bank or mortgage company will look at to the reasons behind them and may ask the following questions:
- The time for your credit problems. If you had multiple late payments on your credit card this year, you might not be able to get approved for a loan.
- If there were credit problems is in the past they would like to check whether are chances to recur again?
- Whether the reason that caused you the problem has gone or still present.
- What is the chance that you are going to be regular with your payments from now on?
Don't need to panic. Just prepare yourself and it will go in your favor. Just keep it in mind that even if you don't have any credit history at all, you can still qualify for a mortgage loan provided you have a stable income, proof of employment and a small down payment.
So, there are every possibility that you will get approved for it and if you fail to get approved here then there are several others to give you.
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