Skip to main content

Credit pull before closing

So I have a question I’m hoping someone can help me with. I am under contract for a house right now and I wasn’t aware of this but apparently I wasn’t supposed to open any credit lines during the closing process. I opened a credit card last week (the debt to income ratio wasn’t affected at all and my credit isn’t bad by any means its a 768) but I won’t be able to receive a bill in time for the closing because our closing date is August 10th and the bill wouldn’t come until the 19th. Our mortgage loan officer told us to basically send him a letter saying that I pulled credit but didnt receive credit due to this inquiry. He also told me that the underwriter can basically just cancel the whole deal without a bill, my mortgage loan officer has to see what the underwriter says regarding the letter. Should I just cancel the card altogether? Its through Chase and they said they can’t provide a bill before closing but they have a department that for loan purposes can show that you have a zero balance instead of a bill. Idk if that will solve the problem, I’m not really sure what to do. Idk if i should have them get me some sort of estimated minimum monthly payment. The main issue is that the lender will need to know the potential minimum monthly payment but at the same time wouldn’t proof of a 0$ payment give me an estimated minimum monthly payment of 25$. I really appreciate any help anyone could give me. Just tryna figure out my best approach here and what to do. I’m not sure if the loan purposes proof of 0$ balance will help at all,I don’t wanna open up any doors I don’t have to. Thank you in advance. My biggest concern is that I don’t want the deal to fall through altogether. I’d hope at the very least they would just extend the closing date 9 days so I could get a bill. This is regarding CT area.

submitted by /u/FewDay262
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hzrij9/credit_pull_before_closing/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more