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Thread: Try to fix this or let it go?

  1. Quis custodiet ipsos custodes?
    Tojai's Avatar
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    #1

    Try to fix this or let it go?

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    Yesterday DH and I talked to a mortgage officer about getting pre-qualified for the loan to buy our new house. Everything went well, we got what we needed and they didn't have to do it contingent on a sale either.

    One thing that kind of bothered me though was how much discrepancy there was in my credit scores. Between the highest and lowest score it was more than 60 points! That seems like an awful lot ... should I go through my credit report and try to fix it or does it not really matter?
  2. Travel Junkie
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    #2
    I might request copies of each and compare them. If there was a big thing negatively impacting one that you could fix, then consider it.
    I don't think 60 points is huge, but I'm not a lender ......and I doubt it's anything to worry about. Just knowing me, I'd probably compare the specifics of the two separate reports.
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    #3
    I would get copies of each report and find out where the issue is- IMO there should not be that big of a difference.
    if you can find the issue do everything you can to fix it.

    Remember being pre qualified for a loan means almost nothing- it is the preapproval that is important

    here is a good explanation of the difference: The Skinny on Pre-Qualified
    Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.

    The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation. (For more, see Mortgages: How Much Can You Afford.)

    Because it's a quick procedure, and based only on the information you provide to the lender, your pre-qualified amount is not a sure thing; it's just the amount for which you might expect to be approved. For this reason, a pre-qualified buyer doesn't carry the same weight as a pre-approved buyer who has been more thoroughly investigated. (To read more, see Shopping For A Mortgage.)

    The Skinny on Pre-Approved
    Getting pre-approved is the next step, and it tends to be much more involved. You'll complete an official mortgage application (and usually pay an application fee), and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to "property" on the application will be left blank). From this, the lender can tell you the specific mortgage amount for which you are approved. You'll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock-in a specific rate. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a potential seller, as he or she will know you're one step closer to obtaining an actual mortgage.

    The other advantage of completing both of these steps - pre-qualification and pre-approval - before you start to look for a home is that you'll know in advance how much you can afford. This way, you don't waste time with guessing or looking at properties that are beyond your means. Getting pre-approved for a mortgage also enables you to move quickly when you find the perfect place. When you make an offer, it won't be contingent on obtaining financing, which can save you valuable time. In a competitive market, this lets the seller know that your offer is serious - and could prevent you from losing out to another potential buyer who already has financing arranged.

    Once you have found the right house for you, you'll fill in the appropriate details and your pre-approval will become a complete application
  4. Quis custodiet ipsos custodes?
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    #4
    Yeah we're looking at houses right now but haven't found anything we love yet.

    The mortgage officer didn't seem to think the credit was a big deal I was just surprised to see such a difference. All of DH's scores are within 10 points of each other.
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    #5
    Scores are meaningless by itself. Each company uses different formulas, and even within a reporting agency, will provide different scores to different types of lenders. Car loans mortgages and credit cards each have different formulas.
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  6. MilitarySOS Jewel
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    #6
    I wouldn't sweat it too much. If your loan officer doesn't see an issue than I wouldn't futz with it. I don't think 60 points is strange.

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