So I’ve been thinking about how I’m gonna do this whole second chance thing. I got replies from emails sent to both Kirsten from CFB Mortgage and Petey Tim from Empower. I’ve thought about it for a while and I think I’ve made my decision. I’ll know after I write this and I see everything in words.
I told Petey Tim that I opened up the personal bank accounts as he asked, then put 25k in there. I asked if I had to wait the full 60 days to re-apply for a loan. He sends me an email:
“Roger, remember that there’s a 60-day seasoning period on the cash to close so you probably want to put your application in shortly before that window opens up. Typically, it takes some time before our processing staff to get to your loan so there’s no reason to wait the full 60 days. Make sense?”
Why the hell can’t anyone answer my questions simply, something that a guy with an 86 IQ can understand you know? After I read it about five times, I translated it into this:
“Yes, you can apply again. By the time they get to your application, the 60-day seasoning period should be over.”
See? How hard is that? So I can apply whenever I want with Empower. As for Kirsten, I asked her when’s the best time to re-apply to see if my credit score went up the required 3 points. Here’s what she said:
“Do you know if the paid collection account was reported to the credit agencies yet and do you have a letter yet from creditor stating your account is paid? Sometimes your score will go down when you pay off a collection if it is reported. I think we should probably wait until next week to re-pull your credit. Last date we pulled was 1/9/13 hopefully 2 months will have brought up your score.”
I sent her the "paid in full" letter that Dell sent me after I paid over $1200, and paying it in full should raise my credit score just a little bit. Prius also got back to me and said that the owner won’t be able to do owner financing since the amount he owes the bank is much more than any down-payment. So my choices are Empower, CFB Mortgage, or waiting until the end of the year and buying property Charlie with straight cash. Well, CFB Mortgage’s advantage is that they are a mortgage broker, which means that they don’t have to go through the same channels as Empower to get me approved. It will be a less bumpy road with them, but will my credit score be enough? Empower’s advantage is that they don’t really seem concerned about my credit, and a mortgage with them saves me about $2000 in closing costs. I also save on monthly mortgage payments because their interest rate is much lower than CFB. But what happens if Empower runs into another snag in my application due to Fannie Mae’s rules and regulations? I won’t get the property and it’ll be too late to go crying to CFB Mortgage to start all over again.
Hmmm… now that I look at it, this isn’t as easy of a decision as I thought. My answer is that I’ll apply for a mortgage with both companies on the same day. That way, as far as the credit bureaus are concerned, it will count as one hard inquiry. I made the mistake of waiting too long between credit checks in January, so it counted as two hard inquiries which was probably the reason why my credit score took a hit. If my credit score is high enough for CFB Mortgage, then I’ll probably go with them. If my credit score is not good enough, then I’ll go with Empower and roll the dice. Yes, the cost is higher with CFB Mortgage, but at least I know that the mortgage has a better chance of getting approved than with Empower. Once I get the property, that’s when I’ll start figuring out how I’m going to make up the extra $100+ a month I have to pay. But the key is to actually GET the property, and CFB mortgage gives me my best chance.
No comments:
Post a Comment