Jake W.

Hello all, Quick question about pre-approvals and credit scores. I got a pre-approval from one bank at the end of May. I am thinking to get another pre-approval from a different lender as to check rates and see what is possible. I’m very protective of my credit score and what to keep it at the 800 level as best as possible. However, I know the hard inquires can affect this as they don’t come off for a couple years. I have heard of a 45 day rule where there are no or very limited effects but not sure this to be true or not. I appreciate any comments, guidance, answers in advance. Thanks, Jake W.

Thank you both for the answers. Enjoyed the conversations.

Hello New to VA loans and got some questions or mainly looking at feedback or experiences. Here’s my basic situation as a reference. My wife and I have been looking at homes in the $270-300K range and recently came across one that we may like. Ideally, we would like to stay below 280k but could potentially go up to 290k due to current market situations. I’m curious if anybody has used 5/3 Bank as their lender before on a VA loan. I’m curious the experience and basic details. The loan officer instantly has tried to tell us that a VA loan wouldn’t be good for our situation. He explained that they have the 2.3% Funding fee to be added to the loan and the 1% originating fee due at closing. Current 5/3 VA rate was at 3%. Conventional loans rates are at 3.25%. Apparently, closing costs are the same for VA and Conventional loans with them. We simulated the house at 285k purchase and $37k down, property taxes at $9000, and the above rates. We found that the VA loan makes sense long term with a total savings of about 10k over a conventional loan. Monthly payments came out VA loan= $1970 Conventional = $2185 Again, VA seems to make sense but we have no experience with VA loans or any information from others that have used 5/3 Bank to do a VA loan. Comments, feedback, advice is greatly appreciated Jake W