Home Buying in 95135>Question Details

edlundmar, Home Buyer in San Jose, CA

I am buying a short sale home. The bank is extending my loan . Is there anything I can do to help increase my credit score.?

Asked by edlundmar, San Jose, CA Wed Mar 27, 2013

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Juliana Lee’s answer
You want to be careful about changing your finances. It is too common that first time buyers move money thinking it will make the loan process easier but in fact it slows it down because the lender wants to follow where your money has come from and where it is going.

In terms of improving your credit score be sure you make timely payments, do not take out new lines of credit, if you have a report listing any delinquencies review it and if there are errors contact both the credit reporting agency and who reported the delinquency.

But above all, talk to your loan company about what you plan to do.

General information about home loans and mortgages at
http://julianalee.com/reinfo/mortgage.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty

Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Sun Mar 31, 2013
If your mortgage broker is not helping you with your Credit score, Please call me I would help you. http://www.arisnunez.com
0 votes Thank Flag Link Wed Mar 27, 2013
thank you, I will do that!
Flag Thu Mar 28, 2013
What do you mean by the bank is extending your loan?
0 votes Thank Flag Link Wed Mar 27, 2013
We were to close in 45 days. It has now been over 60days from the time I got the loan from my bank. The loan expired, so my bank extended my loan time another 30 days, and I have to pay $400plus at closing for the loan extension
Flag Thu Mar 28, 2013
If you have time, I got free video reports on short sells at hp.arisnunez.com that can help you. Don't worry you are on the way to a successful transaction but it takes time and patience.
0 votes Thank Flag Link Wed Mar 27, 2013
Yes, keep paying all bills on time, do not pay any bills off unless the bank that approved your loan requested you to do so on the approval. Also do not let anybody else run your credit. Do not apply for any new credit and most important, if the loan expire I be able to help you!
0 votes Thank Flag Link Wed Mar 27, 2013
Thank you
Flag Wed Mar 27, 2013
Sage advice, as always, from my pal, Terri Vellios.

If you're buying a short sale home, until the sale has been approved by the bank holding the note (and any additional creditors noted on the preliminary title report), you should wait to lock your interest or complete the loan application. Although banks will generally approve the short sale, there are always (it seems) strings attached to any short sale including extra costs, more fees, possible requirements to pay additional money for liens and even, occassionally, a foreclosure from another source that interrupts your purchase. This is why, most of us, advise our clients not to start any activity on the short sale purchase until and unless the short sale has been approved.

As for the credit score issue, I agree that talking with your mortgage broker will be helpful in determine what you can do to increase the score. Keep in mind that, in most cases, credit repairs can take time to affect your FICO score, while, on the other hand, a new credit card or the purchase of a large item could adversely and immediately affect your credit. So work with your broker to ensure that during this "wait period", you keep your score intact and moving upward.

Good luck!
0 votes Thank Flag Link Wed Mar 27, 2013
What is the real question here?

You are buying a short sale, has it been approved by the seller's lender?
Why is your bank extending your loan?
Is your bank stating that you need to increase your credit score?

Talk with your lender, often times they will be able to tell you what you need to do to increase your credit score. Don't make any changes to your financial picture without consulting with your lender.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Mar 27, 2013
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