Mortgage Pre-approval - Axos Bank (2024)

FAQs

What credit score do you need for Axos Bank? ›

Get your money! To be eligible you must meet the following requirements: 730+ credit score. Verifiable income.

If the amount is too low, you might not be able to buy the home you want. To raise the loan preapproval amount, you might need to increase your income, lower your debt, improve your credit or do a mix of these factors.

Though it isn't common, lenders can deny your mortgage application after pre-approval.

Axos Bank performs a hard credit pull if you plan to follow through with a personal loan — however, the lender does allow you to prequalify first.

The pros of banking with Axos Bank include top-tier business and personal checking accounts, and savings accounts with minimal bank fees. The cons of banking with Axos are that there are no physical locations and low CD rates compared to other banks.

An Essential Checking account at Axos Bank is a free account. There are no minimum opening or daily balance requirements and no fees. There are also no overdraft or non-sufficient fund fees.

Keep your financial situation consistent, and understand what your pre-approval is based on. This isn't the time to buy a new car, switch careers, or finance a major purchase. If your finances change, a pre-approved mortgage could be denied when you're ready to close on a home.

Getting pre-qualified or pre-approved for a credit card doesn't guarantee approval. Pre-qualification and pre-approval for credit cards both typically involve soft inquiries, which don't affect credit scores. Applying for new credit generally requires a hard inquiry, which could temporarily cause credit scores to dip.

Even though you might be earning the same money (or MORE) some banks will decline your loan after your pre-approval if you have recently switched jobs. This is because (some) banks want to see you in your role for at least 6 months, and don't like it if you have a history of lots of jobs over the short term.

Reasons your mortgage application may be denied include a dip in your credit score, increased debt, paperwork errors, a low home appraisal and unverified cash deposits.

How often does an underwriter deny a loan after pre-approval? ›

You may be wondering how often underwriters denies loans? According to the mortgage data firm HSH.com, about 8% of mortgage applications are denied, though denial rates vary by location and loan type. For example, FHA loans have different requirements that may make getting the loan easier than other loan types.

Axos Clearing serves a broad range of FINRA member independent broker dealers and registered investment advisors (“RIAs”). Our correspondents include online and active-trader broker dealers and RIAs, including broker dealers that serve both domestic and foreign customer accounts and transact in foreign securities.

Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $35.7 billion of assets under custody and/or administration as of June 30, 2024, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor ...

We offer effective and personalized service. Your money is safe with Axos Bank. We are an FDIC-insured bank (certificate number 35546) and have epitomized financial strength and innovation. We have the technology and banking experience to empower our customers.

Banks consider the CIBIL score when approving your application for a Credit Card. Your CIBIL score can range from 300 to 900. Scores from 700 upwards are considered to be good, and 850 upwards are considered to be excellent. However, without a CIBIL score, it can be challenging to get a Credit Card, but not impossible.

Credit score and mortgages

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

There isn't a specific credit score that you need for a mortgage, but the higher your score the more likely your application will be accepted. This is because having a higher score makes you a lower risk, and suggests that you are more likely to be able to keep up with the repayments.

Providers like Navy Federal Credit Union don't use ChexSystems, but you will have to qualify for this credit union to have an account with them. United Bank, Cadence Bank, and Axos Bank do not use ChexSystems, either. Another option is securing your account, like with Chase Secure Banking.