Getting a mortgage in Texas
Mar 25th 2005, 7:28 pm
#1
Forum Regular
Thread Starter
Joined: Sep 2004
Location: DFW
Posts: 125
Getting a mortgage in Texas
Hi,
I have been in the US (DFW area) for just 7 weeks now and happily moved in to our new home last week after securing a mortgage with Chase Bank at a rate of 5.6% fixed.
When we were househunting our Realtor (who was excellent by the way) put me in contact with a mortgage consultant that he regularly uses. She told us that all she needed was 4 pieces of credit information from our UK accounts to manually build a credit record through a company called Credco in California.
Initially we were quite sceptical but after producing 1 payslip and our mortgage statement / car loan payments / credit card statement and believe it or not my Vodafone statement we were on our way. 72 hours and $75.00 later we had a manual credit record built and the underwriters approved our $200,000 mortgage. We closed on the house 2 days later and we're just waiting for it to get warm enough to use our pool now!
The only down side is that the manual credit record was good for the mortgage only. I tried to get Brinks to install an alarm system the other day and we were declined due to no credit (?????). We were also declined by Dish Network so no Eastenders for my wife.
I have taken steps to build my credit record by getting a secured card through Bank of America with a whopping $250 limit on it
As advertising is not permitted in this forum, if anyone wants to know the name of the Realtor or mortgage consultant they are more than happy for me to give the information out.
Don't know if this would work outside of Texas though.
Happy house hunting!
Paul
I have been in the US (DFW area) for just 7 weeks now and happily moved in to our new home last week after securing a mortgage with Chase Bank at a rate of 5.6% fixed.
When we were househunting our Realtor (who was excellent by the way) put me in contact with a mortgage consultant that he regularly uses. She told us that all she needed was 4 pieces of credit information from our UK accounts to manually build a credit record through a company called Credco in California.
Initially we were quite sceptical but after producing 1 payslip and our mortgage statement / car loan payments / credit card statement and believe it or not my Vodafone statement we were on our way. 72 hours and $75.00 later we had a manual credit record built and the underwriters approved our $200,000 mortgage. We closed on the house 2 days later and we're just waiting for it to get warm enough to use our pool now!
The only down side is that the manual credit record was good for the mortgage only. I tried to get Brinks to install an alarm system the other day and we were declined due to no credit (?????). We were also declined by Dish Network so no Eastenders for my wife.
I have taken steps to build my credit record by getting a secured card through Bank of America with a whopping $250 limit on it
As advertising is not permitted in this forum, if anyone wants to know the name of the Realtor or mortgage consultant they are more than happy for me to give the information out.
Don't know if this would work outside of Texas though.
Happy house hunting!
Paul
Mar 25th 2005, 8:42 pm
#2
Septicity
Joined: May 2004
Posts: 23,762
Re: Getting a mortgage in Texas
You won't get a credit score till the mortgage company has posted 6 months of payments. Even then, it'll be precarious. Don't let the declines build up -- they'll pull your score down. Take it v. slowly building up new credit lines.
Mar 25th 2005, 9:47 pm
#3
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,181
Re: Getting a mortgage in Texas
I'm surprised you couldn't get dish - we used to be able to get cable even when we were just visiting from the UK for a a few month, i.e. we didn't even have a US bank account or credit card.
Certainly if you have a credit card and sign for automatic debits you should be able to get cable. Maybe you just spoke to someone who couldn't be 4r$ed?
Certainly if you have a credit card and sign for automatic debits you should be able to get cable. Maybe you just spoke to someone who couldn't be 4r$ed?
Mar 26th 2005, 1:04 am
#4
BE Forum Addict
Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Getting a mortgage in Texas
Dish were real awkward bastards with me until got SSN - eventually went with Direct TV - have to pay 50 bux up front as no credit history but credited to first bill.
For East Enders use EEworldwide.com - keeps my wife quiet!!!
For East Enders use EEworldwide.com - keeps my wife quiet!!!
Mar 28th 2005, 7:32 pm
#5
Forum Regular
Joined: Jan 2005
Posts: 121
Re: Getting a mortgage in Texas
Originally Posted by paul_TX
Hi,
I have been in the US (DFW area) for just 7 weeks now and happily moved in to our new home last week after securing a mortgage with Chase Bank at a rate of 5.6% fixed.
When we were househunting our Realtor (who was excellent by the way) put me in contact with a mortgage consultant that he regularly uses. She told us that all she needed was 4 pieces of credit information from our UK accounts to manually build a credit record through a company called Credco in California.
Initially we were quite sceptical but after producing 1 payslip and our mortgage statement / car loan payments / credit card statement and believe it or not my Vodafone statement we were on our way. 72 hours and $75.00 later we had a manual credit record built and the underwriters approved our $200,000 mortgage. We closed on the house 2 days later and we're just waiting for it to get warm enough to use our pool now!
The only down side is that the manual credit record was good for the mortgage only. I tried to get Brinks to install an alarm system the other day and we were declined due to no credit (?????). We were also declined by Dish Network so no Eastenders for my wife.
I have taken steps to build my credit record by getting a secured card through Bank of America with a whopping $250 limit on it
As advertising is not permitted in this forum, if anyone wants to know the name of the Realtor or mortgage consultant they are more than happy for me to give the information out.
Don't know if this would work outside of Texas though.
Happy house hunting!
Paul
I have been in the US (DFW area) for just 7 weeks now and happily moved in to our new home last week after securing a mortgage with Chase Bank at a rate of 5.6% fixed.
When we were househunting our Realtor (who was excellent by the way) put me in contact with a mortgage consultant that he regularly uses. She told us that all she needed was 4 pieces of credit information from our UK accounts to manually build a credit record through a company called Credco in California.
Initially we were quite sceptical but after producing 1 payslip and our mortgage statement / car loan payments / credit card statement and believe it or not my Vodafone statement we were on our way. 72 hours and $75.00 later we had a manual credit record built and the underwriters approved our $200,000 mortgage. We closed on the house 2 days later and we're just waiting for it to get warm enough to use our pool now!
The only down side is that the manual credit record was good for the mortgage only. I tried to get Brinks to install an alarm system the other day and we were declined due to no credit (?????). We were also declined by Dish Network so no Eastenders for my wife.
I have taken steps to build my credit record by getting a secured card through Bank of America with a whopping $250 limit on it
As advertising is not permitted in this forum, if anyone wants to know the name of the Realtor or mortgage consultant they are more than happy for me to give the information out.
Don't know if this would work outside of Texas though.
Happy house hunting!
Paul
Many congratulations on finding a mortgage.. We would be very interested in the loan to value you achieved. We know of a product available for forign nationals with a 75% LTV, loan value up to a million, stated income, verified assets with a 5.5% rate. The product allows the client to choose one of three repayment methods every month - minimum (probably negative amortisation but useful if you have a low turnover in a particular month), interest only, or interest and principal.
Hope you enjoy your new home.
Redlobster
Mar 28th 2005, 7:48 pm
#6
Forum Regular
Thread Starter
Joined: Sep 2004
Location: DFW
Posts: 125
Re: Getting a mortgage in Texas
Originally Posted by redlobster
Many congratulations on finding a mortgage.. We would be very interested in the loan to value you achieved. We know of a product available for forign nationals with a 75% LTV, loan value up to a million, stated income, verified assets with a 5.5% rate. The product allows the client to choose one of three repayment methods every month - minimum (probably negative amortisation but useful if you have a low turnover in a particular month), interest only, or interest and principal.
Hope you enjoy your new home.
Redlobster
Hope you enjoy your new home.
Redlobster
Hi,
It was 80% LTV and is interest & principal. To be honest I didn't go down the route of asking about interest only.
