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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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?

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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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What do think the Mortgage Lenders and the Government will do about the rising defaults and foreclosures?

Question by ricknasty: What do think the Mortgage Lenders and the Government will do about the rising defaults and foreclosures?
They have to do something about this otherwise more defaults are going to happen. Do you think they are going to create some breaks on bonding financing, such as lowering rates and offering 50 year fixed loans, so many people are able to afford the payments. Or are they just going to let more borrowers go into foreclosure? If this continues to happen, we may see a depression coming in the near future.

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Answer by bob
I dont think its as bad as the news makes it out to be.If everybody had to sell tommorrow, yes, but most people are not in that predicament…just beetle on and enjoy the house for a few years.I compared a 40 yr to my conventional 30 yr mortgage, and it only saved me 20 bucks a month, which was hardly worth the effort….i wouldnt consider any increased length mortgage unless the payment went down 100/150/200 buck.I did hear today that many of the reputable mortgage lenders are temporarily reducing their interest to %, if the buyer needs a little breathing room, rather than foreclosing.I don’t think the “goverment” needs to do anything, they will just mess things up…the market will correct itself….the period of 2001-2005 was not normal.

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How Lender’s Set Mortgage Rates Part II

www.myfirsthomenewsletter.com Ever wonder how lender’s come up with the rates they do? You can stop wondering, cause I’m going to tell you how. We all answer to a higher mortgage rate power, namely the secondary market. The secondary market is where Fannie Mae, Freddie Mac, and other mortgage lenders ply their trade. These government founded agencies purchase the loans that lenders make, then either hold them in their portfolios, or bundle them with other loans into mortgage-backed securities. How Lender’s Set Mortgage Rates Part II Video contains royalty-free music of Kevin MacLeod (incompetech.com), commissioned by Creative Common Attribution 3.. creativecommons.org
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