how many times does a mortgage company - Free Foreclosure Help - Loan Modification Help

mortgage_question · #1 (**permalink**) 09-03-2007, 02:53 PM

check your credit? I was pre-approved for a loan about a month ago, I am now in escrow (close in 2 more weeks) and I just found out that my credit score went down. Will the mortgage company pull another credit report on me?

Missy · #2 (**permalink**) 09-03-2007, 02:55 PM

If you have been Pre-Approved for the loan, I don't see why they would. I would certainly question them if they do.
Congratulations on your new home !

Mike M. · #3 (**permalink**) 09-03-2007, 04:14 PM

In this type of situation (pre-approval) it's checked at least twice. Once for the pre-approval and once when the actual mortgage is processed. Keep in mind, they can check as many times as they want. They can check your credit on the day of settlement and refuse the loan at the settlement table.

877YouKeep · #4 (**permalink**) 09-03-2007, 09:17 PM

I would have to agree, with as much mortgage fraud that was committed in the last few years lenders can not be too relaxed. Although they understand your credit may fall from multiple pulls they are just protecting themselves from litigation.

joy · #5 (**permalink**) 09-11-2007, 07:49 AM

Credit reports are good for 60days....and can be checked before closing date.

They do this because so many people buy a new car, new furniture, etc RIGHT BEFORE CLOSING then they dont qualify!!!

your score should've dropped only 5-6 points which isnt a big deal, but if you have been using your credit cards..then you know why it dropped!!

Lew-V · #6 (**permalink**) 09-15-2007, 07:09 PM

it's a big deal if those extra pulls make you drop below the threshold. i have seen many a loan go south because of those extra pulls. they know they caused the problem, but they can't sell the loan if the FICO drops too far, so bye-bye loan. the window for multiple pulls to count as one is only 2 weeks. not nearly long enough usually.