Your Questions About Check My Mortgage

Jenny asks…

how many times does a mortgage company check your credit?

I was pre-approved for a loan about a month ago, I am now in escrow (close in 2 more weeks) and I just found out that my credit score went down. Will the mortgage company pull another credit report on me?

admin answers:

Credit reports are good for 60days….and can be checked before closing date.
They do this because soo many ppl buy a new car, new furniture, etc RIGHT BEFORE CLOSING then they dont qualify!!!
Your score should’ve dropped only 5-6 points which isnt a big deal, but if you have been using your credit cards..then you know why it dropped!!

Ken asks…

What happens if I don’t send insurance claim check to mortgage company while I am current in my mortgage?

admin answers:

To whom is the insurance check made out to? And for what claim? Not enough information given here. Best to check with the insurance company.

Lisa asks…

House Damage, Insurance Check & Mortgage Company Rules? Some stuff not included under mortgage.?

Survived Hurricane Ike with a lot of damage. Nearly 20K. Because of the amount is over 20K the mortgage company tacks on a LOT of rules – one is Licensed Contractor, the county I live in doesn’t require that. You aren’t allowed to DIY. Also they will only give out 1/2 and then you have to wait for their inspector to come out once EVERYTHING is done. Two items put my insurance claim over the DIY limit – a Shed & a building we were in the process of building & wasn’t part of the original mortgage.

With all the mortgage companies going down, my thoughts is bucking this & at worst find an escrow company.

My mortgage company is Saxon & doing some research, seems they have many complaints regarding releasing insurance funds AND paying out escrow (taxes & insurance). They weren’t my original mortgage company, but mine was sold 3? times…. I just want my money to fix my property – some things like PAINTING I can do myself, jez….

Thoughts? Is this LEGAL (requiring a contractor for everything)? Anyone? I’m in Texas

admin answers:

Any building that forms part of the realty is covered by the mortgage. So, if you now have an outbuilding that you did not have when you purchased the home…that is part of the mortgage.

If the mortgage company foreclosed on the home – the get the out building to. It goes to sale as part of the same property as the house.

Therefore, the mortgage company is on the funds for the outbuilding.

It is not uncommon for the mortgage company to give you part of the money – you do work – they send an inspector – give you more money – you do more work- they inspect. In essence, they treat it a lot like a construction loan.

This is how the mortgage company make sure the work gets done. They are not going to sign the check over to you….let you spend the money- not do the repairs. They foreclose and now have to sell the damaged home. If their policy is to inspect etc a 20,000 loss — then that’s there policy.

Richard asks…

How long should I wait to get a credit check for a mortgage after I just refinanced my vehicle?

I’m a first time home buyer who is beginning to shop around for a mortgage. I have a very good credit score (780), but just had my credit checked last week for a vehicle refinance. How long should I wait before I approach a lender, who will run another credit check on me?

admin answers:

Today would be fine.

If you credit score is 780, the inquiry will not affect you much. Many banks will do up to 100% financing with a 680 credit score.

The real problem would be if you needed a 680 credit score to qualify for the mortgage and you currently had a 681 score. The inquiry could actually lower you score enough so that you wouldn’t qualify or wouldn’t qualify for the best rate.

Finally, you can have your credit pulled by as many mortgage companies as you want as long as they are all pulled in a close amount of time. My record was seeing this was one prospect that had his credit pulled 216 times by mortgage companies in less than 10 days. Because all inquires were done in a 10 day period, they all counted as one inquiry.

The logic behind this is as follows: if you apply for 20 credit cards, you could potentially get 20 credit cards. Therefore, this would counts as 20 inquiries. However, if you shop 20 mortgage companies, the odds are that you are comparing banks to get one mortgage. Therefore you are only “charged” for one inquiry.

Ruth asks…

I sent a large cashiers check to mortgage express mail.Afraid I sent i t to wrong address.?

I sent it to their PO Box In Dallas TX. (This is the address where I send my mrtgage payments.) instead of their physical address, which is in Lewisville, TX. This has only been 3 days ago. Mortgage company said wait till Monday to see if it post to my account. I do have proof that someone signed for it Friday morning.

admin answers:

Yeah, it should be fine. They’ll get it.

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