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SVTPerformance's Chain of Restaurants
Road Side Pub
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<blockquote data-quote="Screw-Rice" data-source="post: 15417865" data-attributes="member: 31264"><p>I have to disagree some.</p><p></p><p>Having average credit will hinder you, by that I mean you need to have an average of 700 across all three bureaus. What sucks is they use FICO model 8 instead of model 5. Model 5 is for car loans, etc and the one you can see on sites like Experian.com. To my knowledge there is no source for you to check your model 8 score, other than having a lender pull it. This is a big pain in the ass if you're on the border. I buy everything cash, and my model 5 FICO average was 743, but model 8 was 702 because it puts more weight on your loan history, which I had none. </p><p></p><p>With this I would absolutely pay the car off, as that $300/month goes against your debt to income, and that get's scrutinized heavily. I got my credit card reporting dates down to an exact science. I never carry a balance, but sometimes I'll fuel up or something the day after I pay the bill and the day it reports to your credit is a few days after the statement day (about 6 days). So sometimes it will report to my credit I have an $80 balance or whatever, which is never a big deal until you're in the loan process. Your credit will get pulled 2-4 times through the loan process to make sure no surprises pop up before closing. You can always ask the lender if you should pay it off, but 99% of the time they will tell you if you can, clear any debt. </p><p></p><p>Then there's lenders. </p><p>Many lenders suck, especially if you're in a hot market, like Houston. I went through a few for a few different reasons. My main issue are the ones who put you on the back burner if you're not doing a $500k or more loan since they make more off those. Had a couple that would take weeks to get back to me with simple info. The market I'm in is overheated and bidding wars on everything, so a slow lender could potentially screw me on a sale. </p><p></p><p>The other thing to be aware of is the lender guidelines. There's the standard guidelines that they all follow, but then some have their own overlays/restrictions. Being I was going from an investment angle and wasn't going to be my sole purchase for a long time, I ran into this a few times where they would feed me their BS overlays as the actual lending practices. Actually got into an argument with one, and proceeded to read off the guidelines line by line to him. At that point told me "well that's not how we do it", then hung up on me. Treat them like car salesman, and check everything you're told as it will save grief and more importantly money. </p><p></p><p>Many lenders and realtors work together a lot, and can usually get a referral for one from the other. I found my lender through my agent actually, since there are few investment agents up here. If you can find those who work together closely it simplifies things during the contract and offer process, plus you might save some money. I had my fees cut, because my agent had done over 100 deals with the lender, so she cut him a break on some of the cost. Just like lenders, interview your agent too, to make sure it's a good fit. </p><p></p><p>Hopefully that helps, and I'm going to pm you my lender contact, their base is out of Houston so she can likely get you set up with a lender down there. She was way better than any other lender I ran across, was quick to reply to things, no nonsense, and very to the point.</p></blockquote><p></p>
[QUOTE="Screw-Rice, post: 15417865, member: 31264"] I have to disagree some. Having average credit will hinder you, by that I mean you need to have an average of 700 across all three bureaus. What sucks is they use FICO model 8 instead of model 5. Model 5 is for car loans, etc and the one you can see on sites like Experian.com. To my knowledge there is no source for you to check your model 8 score, other than having a lender pull it. This is a big pain in the ass if you're on the border. I buy everything cash, and my model 5 FICO average was 743, but model 8 was 702 because it puts more weight on your loan history, which I had none. With this I would absolutely pay the car off, as that $300/month goes against your debt to income, and that get's scrutinized heavily. I got my credit card reporting dates down to an exact science. I never carry a balance, but sometimes I'll fuel up or something the day after I pay the bill and the day it reports to your credit is a few days after the statement day (about 6 days). So sometimes it will report to my credit I have an $80 balance or whatever, which is never a big deal until you're in the loan process. Your credit will get pulled 2-4 times through the loan process to make sure no surprises pop up before closing. You can always ask the lender if you should pay it off, but 99% of the time they will tell you if you can, clear any debt. Then there's lenders. Many lenders suck, especially if you're in a hot market, like Houston. I went through a few for a few different reasons. My main issue are the ones who put you on the back burner if you're not doing a $500k or more loan since they make more off those. Had a couple that would take weeks to get back to me with simple info. The market I'm in is overheated and bidding wars on everything, so a slow lender could potentially screw me on a sale. The other thing to be aware of is the lender guidelines. There's the standard guidelines that they all follow, but then some have their own overlays/restrictions. Being I was going from an investment angle and wasn't going to be my sole purchase for a long time, I ran into this a few times where they would feed me their BS overlays as the actual lending practices. Actually got into an argument with one, and proceeded to read off the guidelines line by line to him. At that point told me "well that's not how we do it", then hung up on me. Treat them like car salesman, and check everything you're told as it will save grief and more importantly money. Many lenders and realtors work together a lot, and can usually get a referral for one from the other. I found my lender through my agent actually, since there are few investment agents up here. If you can find those who work together closely it simplifies things during the contract and offer process, plus you might save some money. I had my fees cut, because my agent had done over 100 deals with the lender, so she cut him a break on some of the cost. Just like lenders, interview your agent too, to make sure it's a good fit. Hopefully that helps, and I'm going to pm you my lender contact, their base is out of Houston so she can likely get you set up with a lender down there. She was way better than any other lender I ran across, was quick to reply to things, no nonsense, and very to the point. [/QUOTE]
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