Home Buying in 19150>Question Details

Randy, Home Buyer in Philadelphia, PA

If a bank pre approved me 6.7 FHA and now I realize the rate is too high. Will my credit score drop if i try?

Asked by Randy, Philadelphia, PA Tue Mar 3, 2009

another bank. I am so anxious on purchasing my first home and I do not want to get ripped off. I do not know who the trust. I drove around all weekend writing down addresses.

Help the community by answering this question:


One, why are you driving around writing down addresses? That's what real estate agents are for. You contract an agent, usually without any cost to you, they do the work. You get sent the property information from what you told the agent you wanted, then they would drive you to the homes previewing the properties which you may have interest in. Only one person to get in touch with. They do the rest. Also, they would be with you every step of the way in the buying process.

As for your preapproval. The interest rate can be due to various reasons including your credit score. These days, if your credit score is not more than 720, you can pretty much kiss the best rates good bye. Also, there is usually a 30 day time period where you can "shop" different lenders before your credit score is affected.

If you wish to discuss this further, please email or call me.

Hope that helps,

Terrence Charest, e-Pro®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
“Century 21 is the number one franchise site on the Internet”
1 vote Thank Flag Link Tue Mar 3, 2009
Multiple checks within a 14 day period are considered the same search so you won't get dinged there. But you certainly don't want it checked all the time ...

What I'd recommend is getting hooked up with a good independent mortgage broker that can really shop you around - and a single good agent from a company like Wells Fargo. They'll both need to run one check for you - so make sure you contact them both so that this is considered just one search. You won't get really beaten up for just "one more search" after one recent one. It's LOTS of credit look-ups that are bad. Here's a mortgage broker that you may wish to contact:

Kurtis Baker
Alternative Mortgage &
Investment Corporation
800-301-1500, ext. 124

If your credit could stand improving be VERY careful about those credit improvement services - many of those people are just looking to take your money. It's not all that hard to fix minor credit issues, and you don't need to pay some service to do it. Whatever you do - figure out what will help before taking any action - for example, canceling all your credit cards will hurt your credit - not help it.

Good luck!
0 votes Thank Flag Link Wed Mar 4, 2009
The rate may depend on your credit score . Talk to the loan officer and ask what your score is . When you shop around you can tell them your score, the funds available and job information.They should be able to give you an idea. You can look up HUD web site and lokk for mortgage companies http://www.hud.gov. or I will be glad to refer you to someone.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Wed Mar 4, 2009
Why do you think the rate is too high. There may be a reason it is that high. Is FHA your only option? Is your credit score high? Do you have money to put down? There are a few things that determine what kind of rate you are getting. I would be happy to go over your options with you. We have many loan programs, but it depends on what kind of loans you qualify for to determine the rate and terms.
The very best of luck to you!
MichaelMichael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
0 votes Thank Flag Link Wed Mar 4, 2009
don't let too many lenders check your credit. You can call lenders and give them and ask what their rates and closing costs are based on a certain amount. Contact a local real estate agent to help you gather the information. You don't have to do it alone. Buying can be an overwhelming experience. Ask a professional real estate agent for help to sort it all out and guide you through the process! In most areas, the real estate agent is paid by the sellers even if the agent is representing you - the buyer.
0 votes Thank Flag Link Wed Mar 4, 2009
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