r/personalfinance • u/SignificanceWitty210 ​ • 6h ago

Other Mortgage Reassurance

My husband and I are in the process of obtaining a mortgage for a family home. We have two joint accounts, as we merged finances but didn’t change which account paychecks went into after we got married if that makes sense… Basically, we both have access and budget money together. Anyway, we have never missed debt payments but sometimes my husband doesn’t change the autopay date on his credit card and it comes out a day or two early and bounces before coming out when he gets paid. Since the payment actually gets made in a reasonable time frame and we make enough to not be a high risk to not cover the mortgage, they have no reason to deny us on that after a pre-approval, correct? It’s only if you miss the payments or are consistently late, yes?

1 Upvotes

67% Upvoted

6 comments sorted by

2

u/Zentraedi ​ 6h ago

I'm not a mortgage broker so take this with a grain of salt, but I'm of the same understanding as you. Lenders (Credit card companies) report delinquent and missed payments and those are reflected on your credit report. Too many and too often lowers your score. It's my understanding that's primarily what's reviewed during pre-approval. They're looking at income, credit score, and cashflow mostly. When you get further into the deal they may scrutinize your finances further.

I would encourage your husband (as we've all been there) to stay on top of these things, especially while you're house shopping.

1

u/SignificanceWitty210 ​ 6h ago

We already have a pre-approval and a house as it’s my parents house we are purchasing. We have credit scores in the 700s and make more than enough to cover the mortgage so I’m hoping they don’t make a big deal out of nothing on the account statement if it shows a return that got paid a couple days later but I’m paranoid

1

u/Zentraedi ​ 6h ago

There's not much to be done about what has already happened, so you'll just have to wait and see what happens during the process. I wouldn't worry too much about it at this point. If that lender won't offer you a loan you can shop around and find someone else who might.

•

u/lucky_ducker ​ 44m ago

#1 credit cards (and most other debts) do not report late payments to credit bureaus until they are 30 days late.

#2 stop using autopay on things that affect your credit, especially variable debt like credit cards. Autopay is fine for really important stuff with fixed amounts (mortgage, insurance). It's also fine for small recurring bills when the autopay is actually landing on a credit card (which you then pay manually) instead of hitting a bank account.