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Mortgage Shops
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Are you supposed to actually apply for one or just get information?
go to Creditkarma.com and see what your FICO score is. You can tell the banker "My FICO score is XXX and I can prove all my income but I don't want any hits on my credit until I'm sure I'm going to do this."
I started doing a mortgage shop where I was to actually go through the process and report on the progress but I backed out when I realized there was no way I could get a mortgage until next year. But in that case i was really trying to get a mortgage, it wasn't a role play.
I wouldn't bring up yelp or those other sites unless the shop instructions tell you to. "I don't want any hits until I'm sure I'm going to do it" should be enough if all you're supposed to do is get rates and terms.
go to Creditkarma.com and see what your FICO score is. You can tell the banker "My FICO score is XXX and I can prove all my income but I don't want any hits on my credit until I'm sure I'm going to do this."
I started doing a mortgage shop where I was to actually go through the process and report on the progress but I backed out when I realized there was no way I could get a mortgage until next year. But in that case i was really trying to get a mortgage, it wasn't a role play.
I wouldn't bring up yelp or those other sites unless the shop instructions tell you to. "I don't want any hits until I'm sure I'm going to do it" should be enough if all you're supposed to do is get rates and terms.
Time to build a bigger bridge.
just say you checked your own credit within the last week and the score # you want to use.
You don't want multiple hits on your credit
You don't want multiple hits on your credit
I have seen mortgage shops where they actually want you to apply. With some, they give you information for an alias and tell you to use that, but I have wondered what happens when they ask for a photo ID. With others, you use your own identity, and allow everything to progress through the point of pre-approval. I personally would not do one of those because it is a credit hit. You need to read the instructions and see how far you are supposed to let things go and what informatioin is going to be required.
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
You just say that until you are satisfied that this is the lender for you, you will not supply your social security number. End of story. If the agent then says that he/she cannot tell you any of the important stuff you want to know without knowing your credit score, push back a bit, saying that you need at least a range of rates, etc. and that you know that your credit is very good.
Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel
Poor customer service? Don't get mad; get video.
Shopping from the Carolinas to New York
Have video cam; will travel
Poor customer service? Don't get mad; get video.
If they want you to apply, then you have to apply. Applying requires that you provide your SSN number, copies of paychecks, and whatever else they require. Even a pre-approval for a mortgage requires your SSN number, address, earnings statement, and employer. If you refuse, then it ends. Getting a range of rates is not the same as applying. As soon as they get your SSN, your end up with a credit hit. Some MSCs provide "fake" information provided by the bank, but I don't understand how they get around the photo ID issue.
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
I have not seen this particular shop, but for $30, I hope you are not required to actually apply! That said, with inquiry shops, I have never been asked for my personal information. I usually say I am just researching rates to secure my best option.
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The harder I work, the luckier I get.
The harder I work, the luckier I get.
I used to be a mortgage loan officer and I assure you it's not uncommon for people to object to having their credit pulled. The loan officer may try to convince you by stating that multiple credit pulls by mortgage companies within a specified length of time, (it used to be 30 days; I think it might now be 14 days) only counts as one pull. The rationale behind this is that, unlike credit cards, in the end, you can only have one mortgage. You can simply respond that you understand, however want to wait.
As @jackaroe and @walesmaven posted above, state your credit rating is 750 (or whatever you want it to be) and request rate quotes based on that credit score. Be prepared to answer questions about the outstanding debt you have, your income, length of employment, amount of savings and rent or mortgage payment history.
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As @jackaroe and @walesmaven posted above, state your credit rating is 750 (or whatever you want it to be) and request rate quotes based on that credit score. Be prepared to answer questions about the outstanding debt you have, your income, length of employment, amount of savings and rent or mortgage payment history.
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I intend to live forever. So far, so good.
Ive done many of these types of shops.
one time I had a mortgage banker refuse to give me any information claiming without the number the information would not populate. (that is total BS)
These numbers can be run based upon a stated FICO score.
The MSC accepted the shop without hesitation that the agent refused to provide info.
one time I had a mortgage banker refuse to give me any information claiming without the number the information would not populate. (that is total BS)
These numbers can be run based upon a stated FICO score.
The MSC accepted the shop without hesitation that the agent refused to provide info.
I would imagine this is part of what they are trying to determine -- are bankers lying about the process to try to get someone "invested" in borrowing from them?
This is a car-selling tactic. they get you involved in filling out forms to make you more reluctant to walk out and have to start all over again somewhere else.
why wouldn't an unscrupulous banker try the same thing?
This is a car-selling tactic. they get you involved in filling out forms to make you more reluctant to walk out and have to start all over again somewhere else.
why wouldn't an unscrupulous banker try the same thing?
Time to build a bigger bridge.
I am surprised that some banks would push for credit information during a first visit, as that has not been my experience. I mean, pushed to the point of not providing any information if you don't.
I make my scenario totally up completely including my credit score and area I am looking to purchase, basing much of it what I can off of real life to make the story more believable.
I make my scenario totally up completely including my credit score and area I am looking to purchase, basing much of it what I can off of real life to make the story more believable.
I did one last week where I said my "fiancé" and I would be applying together, but he can't take days off for every appointment. So I was getting the information to take back to him for a decision. Kept an actual application, but be careful how you word it, because the shop I did wanted to know what our household income discussed was.
@squireparty: Be sure to return and let us know how the shops went. 
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I intend to live forever. So far, so good.
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