Can we hold a credit card match verbs for lower rate and bring smaller quantity money for mortgage?
ok, we are planning on buying a house and our fico scores are above 700. right now the interest rates are around 6 % or so.
my ask is can we get a loan pre approved, get the money funded or anything and then go put a bet on and say we dont need the full amount but we want (like 20,000 dollars or less)?
the logic iam looking at is if I take good APR rate on be a foil for transfer before I achieve preapproved that migt affect my FICO score, however if I get preaprroved and my loan funded, THEN attain some money from the credit card for a good rate like vote 2.99 % APR or soa nd the go to my mortgage bank and utter i dont need all the loan money, I have need of $20k less assuming I take $20K from my CC as a match tx for a lesser rate, in that i can win a good rate on my loan and at the same time my fico evaluation wont effect my mortgage rate anymore coz its alreayd funded?
any experts please
Answers:
I just want to know where on earth you are going to get a credit card for $20,000K with a 2.99% APR for more than 6 months!
But this won't work anyway. Frankly, it would not be within your best interest to be paying two loans. That would really hurt your score more than anything else. I would just acquire the home loan, then you can have the cards available contained by case of an emergency.
You plan would not work. When a lender approves the loan, they don't give you the money. They simply pay the retailer off and the total amount of your mortgage would not change. If you said, you didn't call for a portion of the money, your mortgage would be cancelled since it's not enough to pay stale the seller for the price of the house.
Then you have a $20K unsecured debt on your diary, which the mortgage lender will not like. You might blow the loan approval completely.
You are trying to make it mode too complicated and may end up shooting yourself in the foot.
Those low rates on credit cards don't later long and that indebtedness will make it hard to procure a loan. They rerun your credit before funding your loan.
not a good idea.
first, your credit history will be monitored up till the time of purchase. If you enjoy 20K in revolving credit cards, they will either not fully fund your application, or they may even reject you. They are looking at your debt nouns, and your ability to pay. Having a $20K requisite questions your ability to clear your mortgage.
second, those low rates on credit cards can be tricky. often times those rates they give you are teaser rates. They will probably dance back to their normal rates after a constant period. then you'll be paying 2 or 3 times more than your mortgage rate.
third, the interest you reward on your revolving credit is not tax deductible. If you pay interest on a home mortgage, you can at smallest claim that for your taxes.
The point is this.... youre still gonna be in debt 20K either path, and unless you can pay it off fast (within a year), you might as well just put that debt below a long term mortgage. It would be safer that way.
A bank is not going to supply you a mortgage loan without an actual piece of property being purchased. You obtain the money at closing, not before.
Related Questions:
Credit insinuation agencies and mortgage application. UK?
I have obtained my credit record from Experian which is pretty good, no defaults, arrears, ccj's etc, I've also have the one from equifax which is not good at all and also links me to an associate beside bad credit. I applied for a mortgage online with...
my ask is can we get a loan pre approved, get the money funded or anything and then go put a bet on and say we dont need the full amount but we want (like 20,000 dollars or less)?
the logic iam looking at is if I take good APR rate on be a foil for transfer before I achieve preapproved that migt affect my FICO score, however if I get preaprroved and my loan funded, THEN attain some money from the credit card for a good rate like vote 2.99 % APR or soa nd the go to my mortgage bank and utter i dont need all the loan money, I have need of $20k less assuming I take $20K from my CC as a match tx for a lesser rate, in that i can win a good rate on my loan and at the same time my fico evaluation wont effect my mortgage rate anymore coz its alreayd funded?
any experts please
Answers:
I just want to know where on earth you are going to get a credit card for $20,000K with a 2.99% APR for more than 6 months!
But this won't work anyway. Frankly, it would not be within your best interest to be paying two loans. That would really hurt your score more than anything else. I would just acquire the home loan, then you can have the cards available contained by case of an emergency.
You plan would not work. When a lender approves the loan, they don't give you the money. They simply pay the retailer off and the total amount of your mortgage would not change. If you said, you didn't call for a portion of the money, your mortgage would be cancelled since it's not enough to pay stale the seller for the price of the house.
Then you have a $20K unsecured debt on your diary, which the mortgage lender will not like. You might blow the loan approval completely.
You are trying to make it mode too complicated and may end up shooting yourself in the foot.
Those low rates on credit cards don't later long and that indebtedness will make it hard to procure a loan. They rerun your credit before funding your loan.
not a good idea.
first, your credit history will be monitored up till the time of purchase. If you enjoy 20K in revolving credit cards, they will either not fully fund your application, or they may even reject you. They are looking at your debt nouns, and your ability to pay. Having a $20K requisite questions your ability to clear your mortgage.
second, those low rates on credit cards can be tricky. often times those rates they give you are teaser rates. They will probably dance back to their normal rates after a constant period. then you'll be paying 2 or 3 times more than your mortgage rate.
third, the interest you reward on your revolving credit is not tax deductible. If you pay interest on a home mortgage, you can at smallest claim that for your taxes.
The point is this.... youre still gonna be in debt 20K either path, and unless you can pay it off fast (within a year), you might as well just put that debt below a long term mortgage. It would be safer that way.
A bank is not going to supply you a mortgage loan without an actual piece of property being purchased. You obtain the money at closing, not before.
Related Questions:
Credit insinuation agencies and mortgage application. UK?
I have obtained my credit record from Experian which is pretty good, no defaults, arrears, ccj's etc, I've also have the one from equifax which is not good at all and also links me to an associate beside bad credit. I applied for a mortgage online with...