Newbie here- quick question.

[bmfmustang]

Hi I am a newbie to the site and very early on, but extremely encouraged by what I have seen so far!

 

I have seen a few posts about applying for a mortgage to pull all of the collectors out of the woodwork. Is there any validity to that assertion?

 

I don't have much to clear, but I prefer to rip off the band aid so to speak...

 

Thanks

[moosetracks]

Hi I am a newbie to the site and very early on, but extremely encouraged by what I have seen so far!

 

I have seen a few posts about applying for a mortgage to pull all of the collectors out of the woodwork. Is there any validity to that assertion?

 

I don't have much to clear, but I prefer to rip off the band aid so to speak...

 

Thanks

 

Its valid they know you have to take care of them in order to close. Bringing them out well before the real mortgage app gives you the ability to deal with them on your terms.

[stroked89coupe]

It is possible to do an 80/10/10 combo mortgage, 80% financing on the 1st followed by a 10% down payment on a 2nd and then you put 10% down (or 80/5/15, which is a 5% 2nd mortgage & 15% down payment). Not all jumbo loan lenders will allow subordinate financing to go higher than 80%, but there are a few out there.

Right. They find the INQ from your mortgage shopping because most are doing soft or hard ins on you reports to get more information about you all the time

Edited March 11, 2014 by stroked89coupe

[bmfmustang]

Thanks everyone!

[futurehomeowner?]

If you look at your soft pulls then you will see of anyone is watching. In My Case I have had a ton of items removed but I have no soft from creditors in the last few years. I don't expect any to come out at this point but I am still watching just in case.

 

There have been many cbers that have said it happened to them so it is definitely a possibility.

Edited March 11, 2014 by futurehomeowner?