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Hi there, I just got a personal loan to consolidate our debt, we really want to buy a house instead of renting... my husband suggested we should wait for few monrths before apply for mortgage loan since our credit was just pulled few days ago, what is your opioon on this?

by smartprincess38770 from , Virginia. Aug 19th 2013 Reply


William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,726 contributions

That's not good thinking.. If you qualify now, you should purchase now.. property values are increasing rapidly, and mortgage interest rates are also going up quickly.. the longer you wait the less purchasing power you have, or the lower priced home you will qualify for... I'm not sure what your husbands logic is when it comes to your credit being pulled.. but if your concern is credit inquiries lowering your score, then it shouldn't be an issue.. if you have bad credit and low scores, your score will drop after each industry inquiry.. however if you have good credit, then an inquiry will have nearly no impact to your credit score.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 19th 2013
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Byron Pike (Byron_Pike)
#59 ranked lender in North Carolina - 16 contributions

Give me a call I am licensed in Virginia and would love to have a conversation with you. It is a good idea to get pre-approved now and buy now while the market is in your favor. If there are issues with you credit or debt to income ratios you have time to improve them and still take advantage of this buyers market. My office number is 980-265-8011

Aug 19th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Move ahead quickly, before rates increase again. Your personal loan should not lower your score very much.

Aug 19th 2013
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Brad Shoemaker (bradley)
#75 ranked lender in Virginia - 10 contributions

i am here local in Va Beach and the Hampton Roads area. I would try now beofre rates go up. The new loan shoul dnot impact you that mush. My name is Brad Shoemaker and my cell is 757 685 3913. brad@southerntrust.com

Aug 19th 2013
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Consumer loans/credit different process than shopping for mortgages. Generally speaking shopping for a mortgage will not adversely affect your credit score. If you are qualified to purchase now I would encourage you to do so. Rates have been on a steady climb since mid-May (this provides risk of lost purchasing power). If you are interested in being prequalified for the purchase of a home you can give me a call at 804-708-3484 Mike Casasnovas. I am one of three principals here at Liberty Mortgage Corp. located in Richmond, Virgina and we offer a full range or products ie. conventional, JUMBO , VA, USDA & FHA loans. Give me a call and I will be happy to discuss your financing options when purchasing a home.

Aug 19th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

At least get pre-approved or credit approved now , becuase if you have any issues on your credit report you can address them now.and get your self in a position to purchase.pulling credit doesn't have as much of a negative effect as you think. especillay of it is pulled with a 45 day period.

Aug 19th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

If credit was just pulled to consolidate debt a couple of things occur. One your score will take a small hit because you took on new debt. Two, because you paid off debt with that loan your credit score should improve some. The net/net result, you should see very little change in your score. I see no reason for waiting especially with rates and property values on the rise.

Aug 19th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Waiting a few months should, could and probably is the best course of action. Time heals all. Andrew

Aug 20th 2013
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Lynn Bossi Kinsel (LynnKinsel)
#39 ranked lender in Virginia - 61 contributions

With the consolidation of debt did you just pay off the debt or did you close the account? Closing accounts can negatively affect your score. Please talk to a licensed, loan officer in Virginia to discuss your situation. Lynn Bossi-Kinsel NMLS#259819, Mason-McDuffie Mortgage 804-677-8588

Aug 20th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

It really won't harm you that much by consolidating your date. If anything it will help with debt to income ratios.

Aug 20th 2013
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Kiernan Brown (KiernanBrown)
#50 ranked lender in Michigan - 149 contributions

the issue is npot when your credit was pulled last. The issue is what was your score, and will your score improve or go down immediately once all of the debts consolidated are recorded properly. It is best you get a copy of your recetn credit report, a list of debts consolidated and then call a Lender 411 professional. thi sis how you can make your best decision moving forward.

Aug 20th 2013
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Scott Drilling (SDrilling)
#80 ranked lender in Georgia - 201 contributions

No better time than the present to get qualified! Housing inventory is going down and prices & rates are going up. If you have a small down payment, a credit score above 640 and verifiable income give me a call at 1-866-455-8228 and I will make every effort to get you pre-qualified for a home loan.Thanks!Scott Drilling-PresidentEagle Lending Corp.

Aug 29th 2014
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