Jump to content

How many times will credit report be pulled?


doublebuchi
 Share

Recommended Posts

I am in the process of a VA loan. I saw the motgage broker at the builder and they pulled my CR's. They then refered me to a Mortgage Bank. They pulled it again and we started the paperwork and locked in the rate of 5.86%, 30 yr. fixed. I am still waiting for the first closing date and actual approval (I think). Are my reports going to get pulled again before the first closing and then again before the final closing when the house is complete?

Link to comment
Share on other sites

I am concerned about the rate lock. How long is it good for. I would ask the lender/loan officer to send you the rate lock. Clients normally contact me 90 days or more before a home is scheduled to be complete, and I can not get a rate lock for more than 70 days. But, I don't know (and will never be able to know) every program and lender out there. There are hundreds.

To answer your question however. I will assume that from this point until a week or so before you close, you will not have a lender run your credit again. Credit Reports are valid for 30-45 days prior to funding, depending on the lender's requirements. To give you an example, In April a client found a builder and we found a program for him (he needed someone that would not count collections that were over 24 months,and needed 95% loan, so took some looking) anyway, he made the agreement for a home, contingent on his current home being sold. The new home was to be completed by end of September. His current home sold and funded the end of May, and he told me last week that his new home's latest update on completion was 8/29. So, we will run the credit again in about 10 days. I like running them, when I have the flexibility, between the 10th and the 15th, as scores are the highest during that time of the month. Weird, but seems to be a consistantly true pattern.

Charles

Link to comment
Share on other sites

Thanks firstsource. The rate lock, I'm told, is 1%. The rate today is 6% APR, but I'm told if the prime goes down, my rate will. If the prime goes up, I'm locked for no more than 1%. Also this is a construction loan, so there will be be 2 closings. 1 in about 2 more weeks and 1 when the home is complete. The builder will pay the interest on the construction costs. Also the mortgage bank told me that I'm am approved (Ithought I would have to wait until first closing to find that out).

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.