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Finding the Right Mortgage?

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  • Finding the Right Mortgage?

    Good morning!

    I met with my bank mortgage department this week and discussed mortgage options based on our current situation and savings. The following were only discussed numbers and nothing has been yet run through underwriting for approval.

    2 years out of No Asset BK-7 with $50K annual income. $12K in savings. We would like our total mortgage to be right around what we are paying in rent ($1000), which would be right around $150K.

    FHA+:
    No downpayment required
    4.25% + 1 pt
    4.50% no pts
    > 620 middle credit score.

    Regular FHA:
    3.5% downpayment required
    4.125-4.20%

    *** Should we check around with other banks/brokers?? Do we submit full applications to multiple banks/brokers to get full approvals before deciding - or do we have select one and then submit a full application? We just don't want multiple inquiries to my credit report if that's not the norm.

    Thank you!


  • #2
    Rate shopping within a short period should not effect your score. Here's what FICO says on the subject:
    Does the formula treat all credit inquiries the same? No. Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
    What to know about "rate shopping." Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, FICO Scores ignore mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
    http://www.myfico.com/crediteducatio...inquiries.aspx

    Don't count on approval or a specific rate until your application goes through underwriting.

    I would talk to a mortgage broker, preferably one with experience working with borrowers who went through bankruptcy.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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