Q&A: How can you compare mortgage lenders without having them pull you credit?

Question by rhdtv2002: How can you compare mortgage lenders without having them pull you credit?
I am curious but how can we compare lenders closing cost and rates without them even pulling our credit? This does not make sense without a credit pulled because some of the rates are based on your credit score. So how do you compare?lets say I want to go to BANK#1 on my list to get this info and then go to BANK#2 on my list to compare – are they not going to both pull my credit which is not a good idea

Best answer:

Answer by disdrawkcab
Most of that info is determined by your credit score, among other things.They can check your Fico score (soft inquiry) without actually pulling your full credit history, but for a mortgage I would think they would have to pull a hard inquiry (full history).So I think it would be impossible, or at least not likely, that they would be able to give you enough info so you can compare without them pulling your full history. They may be able to give you a “range” of what your rate and closing costs is likely to be just from your Fico.Edit: Yes they will both pull your credit, but ‘shopping around’ for mortgage and car loans counts as 1 inquiry and doesn’t hurt your credit score much at all.

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Job Letter Requirements – Mortgage Lender Conditions

LeahCoss.ca I want to talk about income verification, most specifically, your job letter. I will even get into a little bit on pay stubs. Now, for those of you who are standardly employed meaning that you are de salary, your full time hourly. Something where in your situation, lenders most likely just going to ask for a pay or your most last two most recent pay stubs and a job letter. I want to make sure that you are in fact getting the right type of paperwork with all of the information on it that you need, especially for those of you who are in like mom and pop type companies where it’s just you and some other person. Or they don’t have a payroll company doing the payroll for you. Here’s what the lender is going to want to see on a job letter. It’s very important that all of this information is included on it. The first thing it has to be on company letterhead. Now, even if your company doesn’t have a letterhead. You are going to have to make some. Put your logo in there and whatever you need to do but we are going to need some sort of company letterhead that the letter is written on. The second thing, obviously, it cannot be a hand written note. We are going to need this typed up professionally and the information that you are going to want is a date. A date is going to be good because you want to make sure that you actually work there today, that this isn’t a letter that you grab from like two years ago and since then, you’ve been fired or laid off or something. So …
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Do you think mortgage lenders go by your scores or your reports?

Question by Judy: Do you think mortgage lenders go by your scores or your reports?
I know mortage lenders pay little attention to the scores.FHA does not flush get it.Don’t they look at your reports in detail and make their own decisions?They have your score – but do they use it at all?

Best answer:

Answer by MoneyMatters101.com
Lenders use your impute score to get a quick hint of your credit history, but the information on your actual credit report is what they ultimately use to make a determination as to whether or not you will get the loan that you are applying for and what your interest rate will be.A imputed score is founded on factors such as your history of paid your bills, such as loans, credit cards, and other credit obligations. Public records such as tax liens, bankruptcies, judgments, law suits and collection accounted are also factored into the score.

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How would I know which mortgage lenders allow bi-weekly payments?

Question by navydave1974: How would I know which mortgage lenders allow bi-weekly payments?
I’m shopping for a mortgage flop now and without calling every single company, is there a way I tin find out which ones allow or don’t allow bi-weekly payments? I would love to do this to save on the interest rate and to take off 7 years on a 30yr mortgage. Just wondering if there was a list anywhere. Right now Pulte Mortgage is sounding best for us flop now because of the incentives/hoa dues for 2 years, but I don’t level know if they do yet. I will call them in the morning unless someone else knows off hand.

Best answer:

Answer by Mary B
Pulte Mortgage isn’t a direct lender, they are a broker. I haven’t seen a lender that did not offer this service, and there is usually one catch: You can’t send in checks, you have to be on automatic draft from your bank.

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UK Mortgage Lending Slides to 10-Year Low

Lending figures in the coming months are likely to remain below last year when activity was buoyed by the end of the stamp duty holiday, the Council of Mortgage Lenders (CML) said on Monday. “We face the prospect of a difficult second half of the year,” said Bob Pannell, chief economist of the CML.
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