I see a lot of comments worried about impacting credit. 9/10 times you should be able to get solid pre-approval with a soft pull. Many lenders prefer that nowadays since its cheaper. If you have a scenario that needs to be ran through automated underwriting systems the lender may require a hard pull but as a consumer just request a soft pull when speaking with multiple lenders. Or work with a great mortgage broker who will go shop wholesale lenders on your behalf with 1 pull. cheers!
@@Someonebutnoone10 that's what I want to know, even the lender I close with, run a new inquiry and both inquiries were shown in my credit report. That drag me down heavily those 2 years. I recovered now. But don't trust that advise that it won't hurt you to run different inquiries.
How would we know our window of time (I believe someone said about 45 day) we have to get funding/find a property whereas it’s not constantly impacted credit ?
@22video11 The short answer is yes! Are you looking for an owner occupied property or for a rental? If it's non-owner occupied then there are many Business Purpose Lenders that usually do not need W2 income. For example loans like DSCR, Fix and Flip, Private Money, Hard Money. There are also bank statement loans you can get for owner occupied properties if you have an income from other sources and in theory you may be able to use a conventional loan if you have a special circumstance like if you can get a cosigner or qualify with a different type of income.
I see a lot of comments worried about impacting credit. 9/10 times you should be able to get solid pre-approval with a soft pull. Many lenders prefer that nowadays since its cheaper. If you have a scenario that needs to be ran through automated underwriting systems the lender may require a hard pull but as a consumer just request a soft pull when speaking with multiple lenders. Or work with a great mortgage broker who will go shop wholesale lenders on your behalf with 1 pull. cheers!
I applied for 6 or 8 lenders, most in a 2 week window, but all within a month. They all stayed in my credit report for 2 years.
Damn! Why?
@@Someonebutnoone10 that's what I want to know, even the lender I close with, run a new inquiry and both inquiries were shown in my credit report. That drag me down heavily those 2 years. I recovered now. But don't trust that advise that it won't hurt you to run different inquiries.
No, you should have reported that. The rule is true they're not supposed to count as more than 1, even if you see them on the report.
ALL new inquiries will show in your credit report regardless and will remain for 2 years.
Awesome content! Locking your rate can really provide financial security and peace of mind during the financial process.
How would we know our window of time (I believe someone said about 45 day) we have to get funding/find a property whereas it’s not constantly impacted credit ?
Is there lending for people that no longer have a paying job? (Retired)
I'm sure. They'll consider any income you have I guess from your retirement if you have one.
@22video11
The short answer is yes!
Are you looking for an owner occupied property or for a rental? If it's non-owner occupied then there are many Business Purpose Lenders that usually do not need W2 income. For example loans like DSCR, Fix and Flip, Private Money, Hard Money. There are also bank statement loans you can get for owner occupied properties if you have an income from other sources and in theory you may be able to use a conventional loan if you have a special circumstance like if you can get a cosigner or qualify with a different type of income.
lookup DSCR loans.
What/who is the "CSPV" or whatever acronym you spoke about (25-26 minute mark in the video ?
Consumer financial Protection Bureau
CFPB
Good stuff, thanks!