Your Questions About Check My Mortgage Application

Susan asks…

I live in Texas and want to buy a home for the 1st time. My question is about getting a grant from gvmt.?

I called my bank to see if they could mortgage a home I want valued at $72000. I was told they will check if I can qualify through some of their lenders and as well as qualify for a government grant for $10,000 given by the state. I wanted to know if anyone has gotten this grant and what are the qualifications for it. I would ask my mortgage consultant but he wont be able to get back to me about my application until next the end of next week.

admin answers:

First off it should not take a week for them to get back to you about being qualified. I got my results back in a couple hours. Other than that yes there are qualifications. My husband and I made $50,000 together in 1 year and they said we made too much to qualify for the grant. They are for low low income people. That was my experience with the grants but maybe someone else had a better experience. Hope that helps!

Helen asks…

Will getting pre-approved before buying a home hurt my chance of getting approved for a loan when I need one?

I heard that every time someone runs a credit check on you, it affects your credit rating (in a bad way). Since different banks offer different mortgage rates, and that some banks are tougher to get a loan than others (due to meeting stricter company criterias), how can the potential borrower shop around for the lowest rate that he or she can definitely qualify for if he or she can’t go get pre-approved from different banks? If the borrower decides to do so, when its time to actually apply for the loan, the bank can reject your application because they think either you have tried to apply from different banks and got rejected already, or that you have multiple loans taken out already since the credit report does not indicate the purpose of past credit checks. Therefore, is it a better idea to get pre-approved by one bank and use the same bank when its time to apply for the mortgage loan?
Please correct me if I have mentioned anything that is untrue. Thank you all in advance.

admin answers:

Whoa ok, this is not as complicated as your assuming!

1. You most likely will HAVE to get pre-approved for a seller to take your offer on a house seriously.

2. Do go and get pre-aproved a few places to see where you will be able to get the best deal (rate.) The key is to do this all within a few days so that it only affects your score once and not several times if you were to drag it out. (This change to how scores are calculated was done b/c it is reasonable for people to shop around for the bext rate.)

3. And they WILL know the reason for your inquiries even if you don’t take out the loan 😉

4. Once you find a lender you are confortable with then you will know who to go back to once you do put an offer on a house and it is accepted and you need to go back and finalize the funding.

Hope this helps, I know it’s daunting, but it’s so worth it in the end!

Mandy asks…

How important is a credit report when renting a house?

I’m moving to another state so my son can attend a certain school that meets his education needs. My business went under due to the layoffs in my area and I don’t have much choice but to file bankruptcy. I have had a mortgage for 10 years but will be foreclosing soon. How will this affect my application for rental property in the new city I’m moving to? Do renters normally check credit reports? I’m thinking about offering 6 months paid rent upon signing the lease if the credit report is a problem — would that get me a rental house?

admin answers:

No, paying in advance only tells the landlord there will be an eviction in 6 months. It also means they have a sereous problem if they need to evict you prior to the 6 months. Good landlords will not go for this.

The normal places check your credit, ghetto tends not to.

Try a private landlord, someone like me who owns the houses and rents them themselves. They answer to no one, so are more likely to listen to your story and make a decision.

Point out that you had excellent credit for 10 years, they will see that your bad stuff is all recent, nothing old. That would be enough that I would give you a shot, and most normal people would as well. As long as your credit has not been bad for years they will know it is not that you are unethical, but something happened, and now you are getting back on your feet.

William asks…

Why are more companies out to hire younger people?

I’m 29 years old and have a full time job and work 40 hours a week,but I was looking to get a part time job so I can put more money on my mortgage so that I can pay it off in 15-20 years rather than 30. I saw a NOW HIRING sign placed at Blockbuster so I went in for an application. I filled it out,gave it back,the guy working said the manager wasnt in,but will give her my application. I thanked him,and went on my way. I figured this would be a decent second job because it’s close to home,I know alot about movies,video games,and I have many years of customer service experience. I got called in the next day for an interview. I dressed appropriately(slacks,nice polo,dress shoes). I went in,asked for the manager,and she came out. I shook her hand and we went into the back. I’m really good when it comes to being interviewed and even took college courses on it. She started off with the dreaded “So,tell me about yourself?” question,which I nailed because I have that answer burned into my head. Then after talking she asks about how knowledgeable I am with movies and she started asking me which movie this actor was in,and what year this movie was released,which I answered all of them,without hesitation. She was very impressed(and even told me that). She told me that she thinks I would fit in great there and would let me know something by Wednesday afternoon(it was Monday). As i’m walking out I see a young girl waiting to be interviewed. She had to have been no older than 18,wearing jeans and her high school tshirt. I figured I had the job in the bag. Wednesday rolls around and I dont hear anything from them,so I call and ask for the manager. She gets on and said that the position has been filled and they’d keep my application on file,etc,etc. I go in the next week to rent a few movies and to check out the newly hired person and can you guess who it was? The high school girl with the jeans. I understand that high school kids are willing to work for less money and I even told the interviewer that I’d work for minimum wage and also plan on staying there for quite some time. So, I reallt dont get it

admin answers:

Been there done that dude
I am assuming that they thought YOU were over qualified and
would be come bored with the job.
My guess anyway.
If it makes you feel any better, they will more then likely REGRET
not hiring you becuase miss high schooler willl be calling in “SICK”
alot when she wants friday and saturday evenings off to hang with her

Linda asks…

18 yr old need credit questions answered?

I’m 18 i live with my mom.a few days ago i applied for 2 or 3 student credit cards and one new millenium bank card (which i read online is kinda sketchy) and bad the college cards said they were unable to approve me at the time and they would send me a letter or it said we are processing your application( i think they would not approve me because i am going to community college)…i have never had anything in my name but i want to purchase an apartment so i just want to check my credit report just to see what is on it,when they tell me to put in my info i just put my SS and the adress i live at with my mom, my name and all that stuff,when i check it transunion they said they could not find enough information to verify my identity and equifax and experian asked me these weird questions like “it says you might’ve had a mortgage in 2006″ or”you might’ve tried to get a car in 1999″ it gives you the option to check no, or not apply which is what i did , weird questions like that and i didn’t get a report from them either…idk this is all confusing i should have no credit at all which is good for me…i just need to know because as far as i know i have no credit …i just turned 18…maybe i am being paranoid about this whole thing…i just want the apartment and they said if i have no credit then it’s fine for me to move in i just want to make sure my credits fine…does it have to do with the fact that the adress is not in my name…or that nothing is in my name…my name and social security are like the only things that are mine…..someone help!!!!
…………………….ok the answers were pretty good…even if i somehow get approved for any of the cards i am not going to accept them…so the fact that i applied for them can still hurt my credit even though i just applied and am not accepting…can i still get the apartment???

admin answers:

It’s easy to ruin your financial future if your applying for that many credit cards at 18. Try getting 1-max, and read Dave Ramsey’s “total money makeover”, suzy orman’s book, and tightwad gazette.

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