Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for Echeverria73

Qualifying for a Mortgage...should I wait?

I have just finished paying off my credit cards; I have an apartment lease which I terminated early in collections which i intend to pay off in the next 2 months. As far as debt all I have is a student loan in good standing on which I pay $141 per month. Should I start working with a mortgage broker now or should I wait to clear up my one little problem?

Thanks,

Richard

  • May 25 2010 - Orlando
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

Profile picture for wetdawgs
Do you know your credit score?

An account in collections is not good news.  Yes, you should clear it up first.
  • May 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

when was the last time you reviewed your credit?
If it has been more than a year, it might be worth getting your annual free report to make sure there are no unknown skeletons.
The collection could be an issue.

Lending these days is not as easy as it used to be. there is often more than one underwriter who reviews the file and questions items. If you can make it squeaky clean, then do it!
Don't be afraid to spend some time getting familiar with market areas that will be of interest, but may be a little pre-mature to think that financing is a slam dunk. Clear the collection, review your credit, then take the copies of your credit to a mortgage broker and get their opinion on anything that might pop up.

Remember, mortgage brokers only get paid when deals close, and running credit cost them money. So providing them information to avoid the cost and begin a relationship is in their interest. The credit reports could be a good way to interview a mortgage broker and get questions answered.
  • May 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.