Home Buying in 90254>Question Details

mylenetan, Home Buyer in 90254

How to find a reliable mortgage broker by not having them run my credit?

Asked by mylenetan, 90254 Thu Aug 30, 2012

I have a credit score of 669 due to my consolidated debt couple years ago. I am employed with receiving a W-2. My boyfriend has a 760 with good credit record. He is self-emplyed. We are trying to compare if we should buy or rent. However, we do not want anyone to run our credit till we know where we stand in terms of getting a good loan. Can mortgage brokers review our profile and pre-decide if we were a good applicant before running our credit score?

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Maria Cipollone’s answer
For sure, any reliable mortgage broker can give you an idea of How much you guys qualify for, without running your credit. Remember, in order to get a mortgage you need to have your credit history check. if you would like to have an idea of any possible problems in your credit go to
http://www.Karma.com. Best of all is FREE.

Best of Luck,

Maria Cipollone
5 votes Thank Flag Link Sun Sep 9, 2012
1. Run your credit report in one company and get the copy of it - with 3 credit scores on it.
2. Call several mortgage pros that are recommended to you by your agent, friends and family.
3. Ask them to provide a Good Faith Estimate of their costs.
4. Tell them your "story" of employment, tell them what your scores are, assets etc.
Ask how much you qualify for. A good mortgage person will be realistic, not overly optimistic,
and will point out good and bad of your situation - and the ways to "prepare" and correct your
financial profile, if need be.
5. Ask a lot of questions, and soon enough you'll be speaking the mortgage lingo
6. Amongst the knowledgable agents, ask what rates and APR they have - on the same day,
preferably same hour. Same note rate with lower APR is your guy/gal.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Nov 7, 2012
The easiest way to find a reliable mortgage broker is through referral. Find someone you trust who has been through the process recently and ask them if they would use their broker again. Also, there is a difference between being pre-qualified and pre-approved for a loan.

Mark McCracken
Coldwell Banker Residential Brokerage
(310) 802-5708
0 votes Thank Flag Link Sun Sep 9, 2012
Yes they can definitely review your situation without running credit. One thing you could do is go to annualcreditreport.com and obtain a credit report that will not cause a hard inquiry and provide that to your loan officer.
0 votes Thank Flag Link Fri Aug 31, 2012
One thing you may want to think about is running your own credit which you can do at least once a year with http://www.freecreditreport.com. But you will still have to pay for the score/s and you may want the scores from all three credit reporting agencies because that's what most if not all lenders will get when they run it.

You could then print it off and show it to perspective lenders if you feel comfortable in persuing a mortgage. However, the lender you choose will still have to run their own credit report before they could ever pre qualify you.

I've been told by some lenders that running your credit one time usually won't cost you many points if any. It's when you start showing multiple CR's that it will impact your score. Your combined scores don't appear to be that scary but be prepared to pay a little more interest.

If you don' have a good downpayment and can't produce an adequate employment history you may have a tough time qualiifing and might be better off renting until you get at least a couple of years of solid work history, save more money while building your credit. Good Luck.
0 votes Thank Flag Link Fri Aug 31, 2012
From what I've been told over the years, pulling your credit impacts your score by 2-4 points. That is hardly going to impact your credit.

I'm afraid your credit report and score is an essential part of getting pre-approved for a mortgage. No reputable lender is going to give you a solid approval without it.
0 votes Thank Flag Link Fri Aug 31, 2012
You should be able to obtain your information without them running your credit. However, the information cannot be definite without your credit score and report. You may want to give the lender a recent copy of a credit report (if you have it) Good Luck!
0 votes Thank Flag Link Fri Aug 31, 2012
I can refer a lender to you that will help you with the rent vs own question. If you supply him with the information, he can tell you what your rate would be. He can give you the costs to purchase and the monthly costs. Then you can decide if you want to move forward.
Call me for more information.
0 votes Thank Flag Link Fri Aug 31, 2012

A mortgage broker/lender will need to run your credit in order to see if you pre-qualify for a loan. It's unfortunately the way it works. I know a lot of my clients are worried about the effect it will have on their credit. Yes every time your credit is run it effects your credit, but it's a very small amount. Make sure when you're shopping for a loan your credit is not being run for anything else. Get referral for a lender from a Realtor or friend you trust. Hope this helps.

Karen Renner
Lic # 01475797
0 votes Thank Flag Link Thu Aug 30, 2012
You can absolutely find mortgage brokers that can, at least, give you an idea as to what loan programs you might qualify for and whether you're in an appropriate price range without running your credit. You have to keep in mind that your credit scores are pretty huge, so if you're way off with the scores you tell them (when they do actually run your credit down the road) you may find out that you don't qualify for the loan and rate you had expected but they should certainly be able to give you some sense of what you qualify for. I have a great lender I refer first time home buyers to and it sounds like the other agents that have responded below do as well. Use these resources to your advantage and if any of the lenders say it's too much trouble or they can't help without first running your credit then you should move on and contact someone else. Many realtors and lenders are hesitant to do too much work without knowing they have a qualified buyer but that's just not always the case and many will certainly be willing to help based on some very preliminary information.

Good luck.

Keith Kyle
South Bay Brokers
Top Producer 2007-2011
0 votes Thank Flag Link Thu Aug 30, 2012
Hey - I agree with Brian that credit needs to be run. There are certain timelines where running credit will not ding your score. Are you worried that multiple score runs will be an issue? I say not as the credit bureaus understand you will shop around. I also work directly with Chase on most transactions if you would like another opinion.
0 votes Thank Flag Link Thu Aug 30, 2012
Hello. Most reputable lenders can give you a pre-approval going on what you tell them, without the need to run a credit check. However, full approval must be documented with proof of income, credit reports, pay stubs, etc. I have a lender that I've referred many of my clients to and they just love her. She works out of Torrance and she's bends over backwards for my clients. If you're interested in talking to her, let me know. Good luck.

Brian Byhower
RE/MAX Beach Cities
Manhattan Beach
0 votes Thank Flag Link Thu Aug 30, 2012
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