When a bank is giving you a loan for a house, do they just check your actual credit score, or do they look at your purchases and your account balances?
We're going through this process and idk why, but it just freaks me out not knowing what people are looking at about me.
ETA: We were already preapproved for a loan. IDK if that changes anything.
GiannisWifey
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Re: loan process
They look at everythingggggggg
brittndave
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Re: loan process
if they could they would probably come to your doctors appts to find out how long you're going to live. they look at everything and ask for more than you even know you have. it's obnoxious
Future Mrs H
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Posted by GiannisWifey
They look at everythingggggggg
yup! everything- all credit cards- student loans all of it
GiannisWifey
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im sure when we go for a home, they will require bloodwork as well as urine samples.......its INSANE!
MrsSx2
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Posted by GiannisWifey
They look at everythingggggggg
yup!
MayBride2010
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Re: loan process
Posted by MrsSx2
Posted by GiannisWifey
They look at everythingggggggg
yup!
Agreed - and then they also take in to account your debt to income ratio. It is nuts...
AgaBride062610
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yeahh they look at everything!!!!!!!
MerSaysEh
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ok so to add on to this....
what if one partner has a perfect (and I mean perfect) credit score and the other person's is so-so...how does this work??
chicky724
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Posted by MerSaysEh
ok so to add on to this....
what if one partner has a perfect (and I mean perfect) credit score and the other person's is so-so...how does this work??
It's based on whoever has the lower score... damn DH for dragging me down!
depoc1011
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Re: loan process
Posted by chicky724
Posted by MerSaysEh
ok so to add on to this....
what if one partner has a perfect (and I mean perfect) credit score and the other person's is so-so...how does this work??
It's based on whoever has the lower score... damn DH for dragging me down!
so they dont even take into consideration the person with the excellent credit??????
chicky724
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Re: loan process
Posted by depoc1011
Posted by chicky724
Posted by MerSaysEh
ok so to add on to this....
what if one partner has a perfect (and I mean perfect) credit score and the other person's is so-so...how does this work??
It's based on whoever has the lower score... damn DH for dragging me down!
so they dont even take into consideration the person with the excellent credit??????
Well they might… I’m not an expert so I don’t want to start freaking anyone out!
But I know that for the FHA loan we got that you had to have a minimum credit score of like 720 I think… so we had to wait a month for DH’s credit score to go up a few points to get to that, and it didn’t matter that mine was higher.
Jessica612
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Re: loan process
I work in real estate law let me tell you they are checking EVERYTHING these days !!!! thats was the problem with real estate a few years ago anybody who wanted a mortgage just had to ask for one and they got it you wouldnt believe what I have seen. I now do modifications for people and I've seen people that work making $7.00 an hour have an 800k loan amt really crazy the loans that these banks gave out.
FutureCap
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omg, they really look at everything, every bank account, loan, car lease/loan, school loans, any debt or credit you may have they will find
babsie71
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they look at EVERYTHING! FH and I got denied from first bank for having a $52 late payment on credit card, even with credit scores of 780 and 815. it is a crazy process, be prepared for the worse.
Meggeese
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everything..we just got approved yesterday GOOD LUCK!!!!
SoontobeGallagher
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Re: loan process
They do look at everything and be prepared to pay off any outstanding bills (besides car loans and student loans). They could ask you to pay off everything else (like credit cards) before they give you the loan.
MayBride2010
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Re: loan process
Posted by JAAMS
When a bank is giving you a loan for a house, do they just check your actual credit score, or do they look at your purchases and your account balances?
We're going through this process and idk why, but it just freaks me out not knowing what people are looking at about me.
ETA: We were already preapproved for a loan. IDK if that changes anything.
Congrats on getting pre-approved!! Once you find a house and go into contract they will be asking for more info - like current paystubs and bank account statements for the past 60 days (definitely not a fun process...dont like being looked at under a microscope). Good luck with the whole house hunting thing tho!
Almostawife
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Re: loan process
Posted by depoc1011
Posted by chicky724
Posted by MerSaysEh
ok so to add on to this....
what if one partner has a perfect (and I mean perfect) credit score and the other person's is so-so...how does this work??
It's based on whoever has the lower score... damn DH for dragging me down!
so they dont even take into consideration the person with the excellent credit??????
They look at the threecredit scores for each of you from the three credit bureaus and then they take the middle scores of each person and go by the lower one.
