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soft approval

I was looking to get a soft approval, if that is what you call them in the mortgage industry. I didn't want to fill out a 1003 application just yet or get a ton of solicitation from lenders through like Lending Tree. I make $67,00, credit is good, 645, I have about $70,000 in debt, but over 60,000 is student loan debt that is current. I can get a co-signer if needed. But this is my first home purchase. by aukjan68 from Springfield, Oregon. Feb 7th 2019 Reply


Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 70 contributions

Not possible, If you want to put an offer on a home a lender must have your information to pull credit. It is possible to give an opinion that you may qualify based on what you provided, but without calculating your debts and not having an accurate credit score you will not be able to get "pre approved" for a mortgage.

Feb 7th 2019
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It's hard to do a soft with all the items you have mentioned... lending tree is a bit rough due to the fact you will have everybody acting like vultures. If you would like some help, call me at 888-510-7171 and click 3 for broker, I'm licensed in OR thanks

Feb 7th 2019
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 792 contributions

never heard of a soft approval..19 years in the business..good luck..

Feb 7th 2019
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Lea Snyder (LeaSnyder)
#7 ranked lender in Oregon - 17 contributions

You can only get an idea of what the options MAY be. If you want move forward in looking for homes it's best to have a pre-approval. I would have a few questions and would be happy to help. Lea Snyder - Summit Mortgage - NMLS 39346 - (503) 577-3895

Feb 7th 2019
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Bobbie Jo Haggard (BobbieJo@BobbieJoHaggard.com)
#124 ranked lender in Washington - 5 contributions

Getting a soft is normally not a good way to go. Best way... before having your credit pulled, OPT OUT of solicitations via the official Consumer Credit Reporting Industry website so that the credit reporting agencies don't share your info... the link to make this happen is: https://www.optoutprescreen.com/Please feel free to contact me if you would like to get a solid approval. I am located in Walla Walla, WA... and am licensed in both Oregon and Washington. Connect with me at: http://www.wallawallamortgagespecialist.com/Best of Luck!

Feb 7th 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,656 contributions

Sorry, but it doesn't work that way.. First, we don't do "Soft Approvals"... and in all reality, why would you want to get your hopes up only to find out you don't qualify.. The pre approval process is painless.. but it does require a credit pull. But understand, there are so many things that go into a loan pre approval, that's near impossible to say based on the limited info you provided. $67K per year is $5585 per month. Lending rules look at the "Minimum" payments associated with outstanding debt.. Credit card payments, car loans, student loans etc.. add in the new housing payment and that's your monthly out go.. We do not look at your reoccurring bills like utility payments, cell phone, insurance, etc.. those are ignored and not brought into the calculation. So, based on your monthly income, you are capped at about 2750 in monthly outgo including the new mortgage payments.. It dosent matter that you owe $70K in debt, what matters is the monthly payment.. Same goes for student loans, but the rules are different with student loans.. are your S/L payments reduced based on your income? Are they deferred? Are your payments not fully amortized? Again, a short interview with a qualified loan officer and give them permission to pull your credit in within 10 minutes, they can gather enough info to tell you exactly what you qualify for.. Do yourself a favor, get off the internet, pick up the phone and call a local guy.. you will be glad you did.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 8th 2019
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