Your Questions About Check My Mortgage Application

Richard asks…

Should I be notifying FORMER employers of name change after marriage?

I am in a professional field that requires extensive background checks for new jobs. I was wondering that in addition to notifying SS, DMV, banks etc. should I be notifying theses companies too?

I found that my university will allow me to make the change on the records there. Would it be helpful or more to the point possible to notify my former employers of the name change so when background checks, mortgage company checks (they called my last 2 employers believe it or not) happen they don’t get confused?

I am fascinated too with what does a poor woman with 3 former husbands do on that application? just kidding. This made me think of an old friend of mine growing up whose mother was a different name and so were her 3 siblings (all had different fathers). The mom had been married 4 times.

admin answers:

I think you should notify your former employers so they can provide references… Otherwise they may not know who the interviewer is talking about…..

Daniel asks…

Need mortgage- FICO score advise?

My husband and I are getting ready to apply for a mortgage. I checked our FICO scores. His is 794 – mine is 764. Should we apply together or should he apply by himself since his score is better? Also, I’ve heard that if I apply for a mortgage with a number of companies over a two week period, it would count as one application. Do you know if it is true or if each application will bring our scores down? Thank you

admin answers:

Both of your scores are excellent but the deciding factor on whether to apply together or separately depends on the type of loan you’re looking for. Banks take the lowest credit score of the two and a difference in 10 points could represent a higher (or lower) interest rate. If you’re basing your loan on scores and not income, your best option would be to apply using him on the mortgage and title, and you on title only. That way you’re ensured you have a claim on the property and not only him. Inquire thru mortgage bankers because they might give you more options. Give yourself a window of 10 days for the credit hits and ask your morgage consultant to disclose EVERYTHING before you commit to any loan program. ASK QUESTIONS! Are they offering interest only or principal and interest? Is it a fixed rate for the duration of the loan or will it adjust? Is there a pre-payment penalty involved?

The so called “NO CLOSING COST LOANS” charge the closing costs in the rate (hidden). No one works for free… And this is not always the best route.

Weigh all options carefully since It’s a VERY important desicion that will affect 30 or more years of your life.

Best of luck!

Helen asks…

When a bank buys out another’s mortgages, do they check the info given to the first lender?

So, here’s the deal. I was desperate for a loan to purchase a place to live and kinda lied on my loan application. I had a ton of cash but was too young to be considered for a loan from most banks (was 19 almost 20) so I went thru a special company that mortgaged mobile homes in my area. I lied about my age on the application (stated I was older than I really am) and since my employer verified I had a stable income, I was able to come up with 15 grand, and I had a previous landlord state I was a good renter, I was accepted for the high interest loan. Now, I’m only about $1,200 away from paying off the loan and I got a letter in the mail stating they were selling my loan to some other bank in 60 days. I’m also in college so I was thinking since I get my Stafford loan in less than a month I should just pay off my mortgage with my left over college money and try to work the maximum hours at work allowed by my school. Will the new bank verify all of my given information on the loan they are purchasing from my current lender or not?

admin answers:

I have never heard of them doing this, especially if there is only $1200 remaining. However, they are buying the paper from a company that did not follow any rules so this may be different. They didn’t even check your ID. Learn from this though. Mortgage fraud & any other kind of fraud can have devastating effects on you & your future. Rewarding jobs are hard to get if you have a record.

Mandy asks…

Question about Our Mortgage Broker?

I found a mortgage broker in our area from a list of approved FHA mortgage brokers. We have an appointment to meet with him tonight.
We have already submitted our application via www. I spoke him yesterday and gave me a list of documents to bring.
One of those things though was a check for $55. For an application fee maybe.

I spoke with my mom about this and she said she has never had a pay a charge like this.

Is this a normal thing? Should I find another broker? Should I call around and see if others in the area are charging this fee?

Advice please?
The fee is non-refundable. It is a factual verification for income and residence….Does this sound about right?

We are first time home buyers and need assistance with the home buying process. This is where the broker comes into play for us.

admin answers:

I can’t tell you how many properties I have bought off the top of my head.

I have NEVER been asked to pay a fee when getting pre-approved. There are fees involved, but you pay them AFTER you have the loan during the property closing.

I would find myself another broker. This one either is scrounging because they are not earning any money, or they have no clue what they are doing. Either way, this is NOT someone you want helping through this major purchase.

Nancy asks…

Will mortgage lender compensate him?

My Fiancé and I recently re-mortgaged our house. We went through a financial advisor who chose the best offer for us and helped us to apply for it. We did everything in the right order and in the right time frame and the mortgage application was accepted. Despite everything going smoothly, Barclays (the mortgage lender) pulled my Fiancé’s credit report 3 times instead of once. There was absolutely no reason that we can think of for them doing this. When your report is pulled several times in a short space of time, your credit score often deteriorates. This has happened to my Fiancé. His credit score was 999 excellent and is now 840 fair.

We called experian for advice. They told us to tell Barclays to withdraw two of the report pulls then contact experian and instruct them to amend his score. Okay fine except.. We applied for a personal loan for our wedding a few days ago. The personal loan company warned us that the applicant (my Fiancé) would need an excellent credit rating to be approved. We had checked his score just a few weeks earlier (for the re-mortgage) and had seen that is was still excellent. We knew that Barclay’s would soon be doing a pull for his report but also knew that one pull in 2 years will not cause your credit score to deteriorate. So we rightly assumed that his score was still excellent when we applied for the personal loan. We were wrong as Barclays has actually done 3 pulls. This meant that we were rejected for the personal loan that we applied for. So even if Barclays retract 2 of their pulls, we will still need the personal loan company to do a 2nd pull to prove that my Fiancé’s credit score is back to excellent. This 2nd pull from the personal loan lenders will probably have a detrimental effect on his credit score.. again. The personal loan lenders would never have had to do a 2nd pull if Barclay’s hadn’t mucked up his credit score in the first place.

Could we claim some sort of compensative for this from Barclays? If we can’t get his score back to excellent in a the next few days then we will have to apply for a loan with a higher interest rate. This will cost us £500!
Thanks for the feedback. No the re-mortgage was just for a better interest rate. The mortgage was for 75% of the property value – 5% less than before.

I have to disagree with the suggestion that lenders won’t lend to people with a mortgage. In fact a lender won’t touch you unless you ARE a homeowner as far as I know.

admin answers:

Cannot see this has anything to do with pulling. The records would show that you had remortgaged and how much for. You were then trying to get a personal loan on top of that. Very few companies would give you credit if you were already paying another loan.
UK

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