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mnmdom
Joined: 26 Jul 2007
Posts: 1
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| Posted: Thu Jul 26, 2007 4:16 pm Post subject: Is this normal SOP for lenders? |
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| I'm in the process of buying a home here in AZ. Got a good GFE for a 6.6% rate, and my loan officer says we are just waiting for the underwriters. Then I get a phone call saying that because I am a high-risk applicant (debt-income ratio not ideal) that they decided to run my credit score again. Lo and behold, it dropped to 697... under the 700 needed to qualify for the previous loan. Now they want to bump up the interest rate to a little over 8% and try to get it underwritten again. Is this normal or is this one of those "predatory lenders?" Should I punch out right now and find another lender? Thanks!! |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Thu Jul 26, 2007 5:08 pm Post subject: |
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Kind of, but not really. There's no reason to re-pull credit because of high ratios. Repulling credit is either A) because the credit expired or B) they sent it to a different lender and *that* lender required their own credit report to be pulled rather than using one that the broker used.
How high are your ratios? Are you putting a down payment down? |
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