Your Questions About Check My Mortgage Application

Maria asks…

looking to change banks – but will it hurt my home loan application?

i’m in the process of looking for a new home. our mortgage lender had given us a page of items we’ll need once we find something and put an offer in. on it, was 2 months of statements from all bank accounts.
well, today i was balancing my checkbook and there were a bunch of fees from using my visa debit card. there were always fees, but they doubled, without my bank ever telling me they were doing so. i’ve never liked this bank, and now i’m liking it even less. so i’m thinking of switching my checking account over to the bank where i have my saving accounts (they are at a different bank because they are linked to my fiance’s accounts, and they had no fees and better interest rates).
so my question is, if i switch over to this bank, will it hurt my chances at the loan since i will not have 2 months of statements? i would still have 2 months from the OLD bank, but not the new one.
i left a message for my mortgage lady, but she’s on vacation and wont be back until monday. ideas?
if i opened the new account today, then it would be 2 months untill we got 2 months of statements, and we’re trying to put an offer on a house today or at least in the next week or 2, so that would still be 1.5 months of no statements….

admin answers:

It won’t because you will have statements from the old showing the withdrawal and closure and then new statements from the new bank showing an opening and the same balance.

Steven asks…

How much will recent credit inquiries affect my score?

I will be applying for a home mortgage very soon. I applied for one a few months ago, but was not approved for enough to buy anything decent. I had decided to pay off some medical bills and try again soon, which would be now. In the mean time, my friend who works retail, asked me to fill out a credit card application (to help her numbers at work) and told me that a person is allowed 10 credit inquiries before it starts to affect his/her credit score. Since coming home today, I have researched and it seems that statement is not true. So, will someone please inform me how much this inquiry will affect my *very near-future* re-check for the home mortgage approval amount? By the way, I may or may not be applying within the next month. I have to give the paid delinquent bills time to reach the payees. All advice and help is appreciated!

admin answers:

Well, to start off ANY type of credit card application lowers your credit score by a small number of points. If you combine a few of them over a short time span it hurts even more. Literally more than 3 within a year will start to hurt your score quite a bit. The nature of inquires is different though. The first time you apply for a mortgage counts as a hit on your credit score, but after that they allow you 45 days to continue to apply for mortgages as this is considered looking for the best possible deal. You mentioned paying off medical bills. These are not typically reported on your credit report unless they become delinquent. So if they are on your report chances are they are collections accounts. This is probably hurting your credit considerably. Despite what many people think, paying off deliquent collections accounts, such as medical bills, does not help your credit report in any substantial way as they are still reported on your credit report. They are just required to notate that it has been paid or settled. The best thing to do is wait if you just applied less than 2 months ago chances are your score has not gone up that much as it takes a long time for credit scores to recover after going down. Without more specific information as to whats on your report it is hard to make a resaonable guess as to whether or not you will get approved for a higher amount. My guess probably not. At the very least 10 credit card applications before it affects your score is defintely not an acurate statement.

Mary asks…

Whats wrong with Chase lately?

People are starting to make fun of me and yesterday my friend left me a v.mail saying that she went to Dominick’s and got into a fight with some chase employees and shot them and went tru the bank files and found a picture of me…”ha ha” very funny

Idonno maybe its just me, maybe im being super paranoid but since the beginning of 09 ive had some weird things happen to my acc.
OK so first i start getting charged a monthly fee of $20 so i call and the guy is like oh ya thats because ur acc requires u to deposit 15,000 monthly ..thats how u avoid this fee “mam” ok im 21 and i have like 1,700 in my acc… I was like bull who switched my acc to Trump’s acc? and the guy said oh its in ur contract. What contract? I have no contract i was handed i pamphlet and a blue card when i applied at Dominick’s. I never ever got charged 20 bucks and it wasnt in my 16 page pamphlet, i wasnt sent out a letter warning me that “hey you might go under!” nothing! And this fruit refused to give me my money back.He was like” well i can switch ur acc to basic”…um wft did i have b4!? Next day i called and i talked to this girl and she was like oh no problem will fix that right away but i wanted to know who changed my acc from basic to unrealistic? She was like “i cant release that information” Y? wtf so they steal and then they are like “oh u saw? sorry heres ur money” anyway something very strange happened last month i deposited a check for $220 along with 2 other checks and a few days later im looking at my online acc and there is this deposit for $200 it said due to an ATM error. ok i thought finaly they screwed up and i benefit from it! but then it struck me that the check for $220 was never deposited. I call and they transfered me to 50 different people and made me repeat my story at least 8 times. and they will say “so ur missing 220 and id say no im missing 20.What was so weird is the they were like oh well there was an error refusing to give me more info.Who made it? Was it me? Was it u? Way did i only get 200? Where is my check? ya i got my 20 bucks back and no word was said about it. This check was from my mom and she went to the bank and the lady told her oh she cashed it on the…18? What is this!!! ok so i called today and asked what their policy is on mortgage loan application fees.Ok first guy “fee is refundable only if u dont her approved.Second guy “fee is nonrefundable”. Third guy The fee is 100 if you have a chase bank acc and 400 for non chase costumers” Then i started getting passed on to people out of the country all the way to a machine that said”this call cant be completed” All i wanted was some info ON PAPER and none of these people could tell me where i can go and look up their policy.I looked in the website and couldn’t find anything! If they dont have it written on stone how are they charging people? Id ask them so if im a costumer and applied and got charged $400 then what? “ya” thats what this guy told me…”ya” …sorry for the grammar im so upset

admin answers:

If you aren’t happy there, move your account to a bank whose policies are better for the way you manage your finances. It’s as simple as that.

Paul asks…

Tax return as part of app process for renting?

I’m looking for an apartment and was asked to provide my latest tax return as part of the application process. They also asked for pay stubs, letter confirming employment, SS #, bank statements, all the standard stuff, but I don’t remember ever being asked to provide my tax return before.

I am a homeowner re-entering the rental market since I’m renting out my home and want a bigger space to live in. So my credit check will show my mortgage, etc. I just feel like wanting the tax return is a bit excessive – is this a standard request?
But here’s my problem – the tax return won’t show consistent income. I became a freelancer halfway through 07, so the last half of the year is pretty light in terms of income. Business has taken off and my pay stubs now reflect a 600% increase over the last half of 2007 – a fact that will go overlooked if they stop looking at the application after the return.

Long story short, I couldn’t afford the place last year. I can afford it now. As a landlord myself I know that is not the most reassuring of things you can learn about a tenant, but it’s the truth.

Plus I just feel weird handing off my tax return to a total stranger. I just don’t want to lose the place if I come back and say I only want to give him pay stubs.
In answer to elstiemo, the guy is a first-time landlord. He’s never rented before and is using an agency for the application process. I think he’s just doing what the agency is telling him to do.

admin answers:

Lots of landlords do it. I think it’s to show your income is consistent and that you can afford the place.

Joseph asks…

Are my dad’s actions going to mess up my house closing?

I’m supposed to close on my 1st house on Friday. When I filled out my mortgage application, there was a Q that asked if I will have any money coming to me from outside of work. I checked the yes box. I checked the box because my father was the exec of my grandmothers estate. After she passed away, my dad told my sister and I that grandma left us each 3000. I told dad that I will collect the money in a few months when I am ready to buy a house and he agreed to just hold it for me.

Well, I called him to tell him that I will need that money. And that the bank wants a letter from him, as the executor, stating that this money was my inheritance and I won’t have to pay it back. Easy enough? Nope. Dad suddenly changed his story. He said the money wasn’t actually an inheritance to me. But rather, a gift from HIM. He turned it into a big fiasco – he even called the banker demanding to know why a letter is necessary. He joked that he “intimidated the banker.” * * * . He is now claiming that he never told my sister or I that it was from Grandma. Therefore, he won’t write the letter to the bank. He did deposit the money into my account, but he won’t write the letter saying that it was an inheritance. He said he will write that it was a gift from him.

Is the letter that states the money is a gift from dad, and not an inheritance going to mess things up??? It’s going to look like I”ve lied on my mortgage application!!

And will the banker be present at closing?? I’m so embarassed that I don’t even want to face him.

admin answers:

A gift from a family member is a perfectly acceptable source of funds for a down payment as long as the source of the funds is documented. If it is a gift, not only will they need the gift letter from Dad but they will need a copy of the gift check and proof that your Dad had sufficient funds available to give you the gift. Inheritance is acceptable too, but again you will need a copy of the check.

I don’t think the banker cares about the misinformation as long as he can close the deal. Any time you work with people these things happen.


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