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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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getting preapproved...
We're getting preapproved Thursday! can't wait and sooo nervous.
We make about 105,000 together and i have extremely high credit, but he has poor credit. We are working on it now and it is gradually getting higher. Is there anyway they can deny us because of his low credit?
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Posted 11/30/10 1:50 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: getting preapproved...
the only thing I can think of is that the house would be in your name.
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| Posted 11/30/10 4:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: getting preapproved...
Yes they can definitely deny you and/or give you a higher than normal interest rate in that scenario. Lenders are getting real strict with people that have poor credit.
If the majority of the HHI is in your name, you will probably be fine. But if he has the majority of the income, AND the majority of the bad credit... that could lead to problems getting approved.
If the first bank doesn't give you the info you want, go see somebody else.
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| Posted 11/30/10 4:54 PM |
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: getting preapproved...
I make a little more than him, but our income is basically the same. My credit is almost perfect though, so I'm hoping that helps.
We are going with a family friend who is a mortgage broker, so we're not meeting with a bank. I really don't know how it works, but I guess I'll find out Thursday. I'm antsy to see what happens. Thank you!
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| Posted 11/30/10 6:31 PM |
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Laurie106
LIF Infant
Member since 7/09 250 total posts
Name:
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Re: getting preapproved...
We just bought a house.... use Dawn Sullivan from All Shore Mortgage in St. James. She can def help you guys out.
She was extremely reasonable, helpful, easy to understand....patient... I can't say enought nice things!!!!!
she got us a rate for 3.675% !!!
631-686-5200 ext 101
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| Posted 12/1/10 11:28 AM |
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: getting preapproved...
Posted by Laurie106
We just bought a house.... use Dawn Sullivan from All Shore Mortgage in St. James. She can def help you guys out.
She was extremely reasonable, helpful, easy to understand....patient... I can't say enought nice things!!!!!
she got us a rate for 3.675% !!!
631-686-5200 ext 101
Amazing rate! We are going to see a family friend, Thursday, but if we feel we can do better, we will call her. St James is far for us though. Thank you though!
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| Posted 12/1/10 12:46 PM |
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philsdeezy
LIF Adolescent
Member since 12/06 643 total posts
Name:
Dee
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Re: getting preapproved...
They use the low score to give you a rate.
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| Posted 12/1/10 1:14 PM |
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: getting preapproved...
Posted by philsdeezy
They use the low score to give you a rate.
So they totally ignore the high score?? Like he is high 500..I'm like 800. Doesn't my score help at all?
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| Posted 12/1/10 1:28 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: getting preapproved...
Posted by jax1
Posted by philsdeezy
They use the low score to give you a rate.
So they totally ignore the high score?? Like he is high 500..I'm like 800. Doesn't my score help at all?
Sadly I have heard this as well. BFCU took the average add both togheter and divide by 2 and that was the number they based it on. Every bank works differently. Don't stress yet, until you run the numbers. you will still get something it just not be as much as you are planning or the lowest interest rate
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| Posted 12/1/10 3:51 PM |
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