# Urgent help Mortgage



## akka (Feb 22, 2010)

Hi

I have an offer on my first home. I was pre approved by TD.I am a software contractor (no full time job) but stable income for 1.5 year to my company.
Now when I have offer bank has started asking all types of docs like my US credit History, which I froze before I moved. Tomorrow is my last day to decide.

So my questions is bank indicated conditional approval if I have no liabilities in US.I don't but if for some reason my credit history unfreezing process takes a while and bank refuses to give me loan during closing time(60 days from now), I will be at what risk?

I am new & first time buyer. Please advise & highly appreciate!
Akhil


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## kubatron (Jan 17, 2011)

Akhil

Strongly urge you to contact a mortgage broker asap.

I do not know your situation but with contractor status you usually need 2 years stable history. Furthermore, not sure of your down payment either. Your US credit history should be available to you via equifax.com, or through a mortgage broker. A pre-approval doesn't mean anything, when the real deal comes in typically you have 5 days to arrange the mortgage.

Good luck.


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## Plugging Along (Jan 3, 2011)

Did you put a condition of financing on your offer? You should almost always have this as a condition even if your financing is in the bag. 

If not, and you do not get your mortgage approve, you can lose your deposit, and I believe also pay for other costs they incurred (Not 100% sure about the last part).

As a contractor, you do normally need 3 years of business income. There are some mortgage brokers that deal specifically with self employeed people. I would recommend finding one of these people.


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## HaroldCrump (Jun 10, 2009)

akka said:


> So my questions is bank indicated conditional approval if I have no liabilities in US.I don't but if for some reason my credit history unfreezing process takes a while and bank refuses to give me loan during closing time(60 days from now), I will be at what risk?


Frozen or unfrozen credit report doesn't matter.
What is important is whether they can obtain your credit file or not and whether it is to their satisfaction or not.
You can make it easier by printing it online and giving them a copy.
How many years of credit history do you have in the US?
You should be ok with at least 7 years.


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