Your Questions About Check My Mortgage

Carol asks…

do you need authorization to do a credit check?

I recently found out that a Mortgage company did a credit check on me, without my knowledge or concent. Do they have to have this to be legal? My my boyfriend was thinking about buying a house and used my information, to see if i could get the mortgage, dosent the leander need my authorization?

admin answers:

Yes the mortgage company needs your authorization to run a credit check, but at the same time what did your boyfriend think was going to happen when he supplied your information to the mortgage company ? They are going to run a check,

my bet the mortgage company is going to claim that your boyfriend since he had all your info, and was doing this with your knowledge had quasi authorization to approve the check

Sharon asks…

Credit checked/PreQual Mortgage – worried still?

Hi! I was prequalified for a mortgage earlier this month. They ran my credit and info through the fannie mae/freddie mac underwriting system. I was told I would have to pay back two debts. Credit scores are mid at 640. I have outstanding old collections. I wonder if this will fall through? They told me not to worry as they already ran the credit, but it freaks me out. They said based on the info I provided to them coupled with the credit report it went through. I am making an offer on a house this weekend. I just would like to ease my mind. Any thoughts on if this can fall through still?

admin answers:

Okay… Im thinking what they told you. I would think you should be fine. If they said they ran it through the system. These are the systems.

Fannie Mae = DU
Freddie Mac = LP

They would have ran it through one of the two systems. They will get a return. This will be an approval through the systems. This is not a prequal. It will list all conditions that a human underwriter must approve. A human underwriter can add more, but its rare.

To ease your mind, just ask for a copy of the DU, or LP findings. That will show you are approved and all conditions. There is absolutely nothing wrong with the lender providing those to you. It will give you a case number and it wills how you are approved, pending conditions. The conditions will be listed.

If they cant give you a copy of the DU or LP, the lender is lying if they told you they ran it through the system. If that is the case, find a new lender that will give you a copy. It takes 15 minutes tops to have this ran. Most brokers dont run it because they dont know what they are doing or dont have inhouse underwriters. Call them on their word and get a copy of the DU or LP. If they say you cant have a copy. They are lying. Move on.

Just say okay im a bit worried you said you sent it though the system. Can you please send me over a copy of the DU or LP findings? I want to make sure I can clear conditions. If they say anything other then *want me to fax that to you or email it to you?* thats where you know.

Paul asks…

Is there a way to find out how much you would pay on a mortgage each month without checking your credit score?

I’m not quite ready to purchase a house. I would like to know what I would pay each month on a home that is approx. $250,000. My credit is fair-good. My state is Virginia and I live 10 blocks from the ocean and would like to stay in my area. I don’t want to run the credit check in case that lowers my credit score. Is there anyway to find out APPROX. what I would pay??
Thank you to everyone who answered.

admin answers:

Your credit score WILL effect this number in some manner, as well as whether you have a down payment, bankrucpty’s and other factors.

But a 100% financing on a loan of that amount should cost you approx $2100 (or below I highballed the interest rate some).

You can run other scenarios through mortgage caluclators on the web, Y! Finance section has a few. Http://finance.yahoo.com/loan/mortgage/calculators_index

Linda asks…

Mortgage: 1 Year Fixed 2.80% VS 5 Year Fixed 3.89%?

I was checking the mortgage rates at a financial institution, and I found they offer a 1 year fixed for 2.8%, and 5 years fixed for 3.89%

I heard from someone that I can renew my mortgage term, so if that’s the case, why would someone go for the more expensive 5 years term if they can go with a 1 year term and renew annually? or am I missing something here?

I hope someone can explain.

Thanks

admin answers:

If the 1 yr term expires, then you would need to refinance. Depending on your financial situation you may not qualify to refiance to a better rate. Then you’re left with an adjusting rate. Plus each time you refinance your mortgage, you still need to pay the fees. You maybe saving on the monthly mortgage on the lower rate, but the fees you’re paying may not add up to the savings.

That’s why so many people were messed up with the housing crash.
People went for the lower rate, but when it’s time to refinance, their debt to ratio was higher than their loan, therefore, banks would not let them refinance to a lower rate and the people are left with a very high rate and a very high monthly mortgage.

If you are thinking of keeping your house for more than 5 years, I would say to go for the 5 yr fix rate. But if you for sure know you can sell or pay off your loan within 1 yr, then you go with the 1 yr fixed rate. Also, you have to make sure the mortgage you’re paying is with interest and principle, and not just interest.

Donald asks…

can i check to see if my discharge of mortgage is recorded with my county on line?

admin answers:

IN some counties in some states.

Since we don’t know where you are, check with the county clerk’s office in yours

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