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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more