Nicole Romano, Renter in Patchogue, NY

I need a letter from a mortgage company saying in a year I will have a mortgage , how do you get that?

Asked by Nicole Romano, Patchogue, NY Tue Apr 23, 2013

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Christina Hayes’ answer
Good Morning Nicole:

If you have credit issues keeping you from qualifying for a mortgage, my company can help you start rebuilding your credit, while improving your scores.

Best of Luck;

Christina Solorzano
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
http://www.everlastingcredit.com
0 votes Thank Flag Link Wed Apr 24, 2013
Not sure anyone would write such a letter, too many unknowns for such lenght of time....
0 votes Thank Flag Link Tue Apr 23, 2013
The longest I can imagine a reputable lender preapproving you for is 120 days.
0 votes Thank Flag Link Tue Apr 23, 2013
Surley, you are not serious.
Why would you need such a letter?
0 votes Thank Flag Link Tue Apr 23, 2013
In todays market I doubt that any financial institution will give you a letter stating that you'll get a mortgage in a year, since many things can change in that time frame.

Thanks felix
0 votes Thank Flag Link Tue Apr 23, 2013
I doubt that any mortgage company will give you a letter stating that you will qualify within one year. The best that they would probably give is something that says that if your circumstances do not change you would still qualify. But, from the limited information you gave, it sounds like maybe you don't qualify now, so even that is doubtful.

I am a little surprised that the landlord is requesting this. Usually, those that enter into a rent with option situation understand that most tenant/buyers go this route precisely because they cannot qualify to buy right now.

Tom Moser
Keystone Realty USA

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Tue Apr 23, 2013
It is a rent to own, yes. I am going through a divorce and until I get the final divorce decree I can't get my ex husbands debt off my credit report. Once I get that off my credit score will rise. Plus I am paying off most of my debt.
0 votes Thank Flag Link Tue Apr 23, 2013
Consult with your attorney before entering into any agreement, especially rent to own; keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and again consult with your attorney beforehand.
Flag Tue Apr 23, 2013
I doubt you'll be able to get anything from a mortgage company confirming that "you'll be able to get a mortgage in one year".

Are you asking because you did one of the "rent to own" deals, and need to verify to the owner that you'll be able to obtain financing when it's time to exercise the option? What is the purpose of the letter?

How would the lender know if you torched your credit between now and then?

How would the lender know if you'll be employed?

No lender will provide this without a recent credit/income verfication. There are simply too many variables that the lender could not possibly know about your future financial situation.
0 votes Thank Flag Link Tue Apr 23, 2013
A lot can change in a year. Mortgage companies in California issue preapproval letters for buyers who qualify with their company but they have to be updated on a regular basis. You should go talk to a lender now, if you would like to buy a house in a year. If your credit is not the best, they will give you tips to get in better shape by the time you need the loan. Plus, they can tell you how much money you need to save each month for a future down payment. In today's market, the competition is fierce for homes, so the more cash you have available the stronger your purchase offer will be.
0 votes Thank Flag Link Tue Apr 23, 2013
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