sure my credit is fine. I have gotten lots of credit
card offers in the mail."
credit card offers is not the same as getting credit approval.
Furthermore, the criteria and scrutiny imposed on a credit
card application for credit card is far different from the
mortgage application. Some credit card companies look
only to the simplest of credit scoring rather than a full
triple merged-triple scored analysis required for the mortgage
I have bad credit because I made some payment past the due
could be a problem. However, most creditors provide a
grace period to you before reporting your payment as late.
Moreover, a 30 day late payment within an otherwise stellar
and established credit history typically will not compromise
your mortgage creditworthiness.
"I had a
bankruptcy. I guess I cannot get a mortgage loan."
is not necessarily true. Lenders apply certain rules to
the previously bankrupt applicant. Depending the time
since discharge and the credit history since the bankruptcy,
you may be able to secure one of a few different types of
mortgage financing to buy a home.
derogatory piece of information on my credit report is
inaccurate. Can't we just close on my mortgage loan
now, and I'll take care of it another time."
every case is specific, it is not a good idea to assume that a
lender will accept your explanation without supporting
documentation and allow you to close on your loan and resolve
the credit issue another day. When we work with a client
at Valley Mortgage Company we take care to consider the credit
matter and time needed by you to resolve the problem against
contract dates for closing and rate locks for preserving your
rate. However, the task of correcting credit issues
ultimately rests with you in compliance with applicable
consumer laws regarding confidentiality.
have my credit pulled several times. This hurts my score
necessarily. Newer regulations now allow credit bureaus
to consider multiple inquiries by mortgage related companies
in a thirty day period read collectively as a single inquiry
on your credit report so any to not compromise your score.
At the same time it is not prudent to establish a lot of new
credit, charge up on your credit cards or buy/lease a new car
just prior to making a mortgage loan application.