MyFICO says 646 My Mortgage Lender says 660?

Eric958 · ‎09-12-2007

I check my scores before lender on same day. Do lenders use some kind of plus score or something? E!

Never Give Up!!

Anonymous · ‎09-12-2007

Hmmm...I'm not sure what your mortgage lender is using whether it's fico or something else. My mortgage broker friend told me that most lenders use an average of all three of your scores.....

Eric958 · ‎09-12-2007

@Anonymous wrote:
Hmmm...I'm not sure what your mortgage lender is using whether it's fico or something else. My mortgage broker friend told me that most lenders use an average of all three of your scores.....

OK just found out they used mid score, guess EQ is my lowest score!

Never Give Up!!

fused · ‎09-12-2007

Eric958 wrote:
I check my scores before lender on same day. Do lenders use some kind of plus score or something? E!

I doubt they pulled plus scores or some other FAKOs. Some mortgage lenders uses different FICO scoring models than the ones we purchase at this site.

Some examples:

Beacon range 350-950, Empirica range 300-850 and Experian Fair Isaac range 375 to 900

These are all FICO scores!

P.S. Darn, my post was too late!

Message Edited by fused111 on 09-12-2007 09:01 AM

Eric958 · ‎09-12-2007

@fused111 wrote:

@Eric958 wrote:
I check my scores before lender on same day. Do lenders use some kind of plus score or something? E!

I doubt they pulled plus scores or some other FAKOs. Some mortgage lenders uses different FICO scoring models than the ones we purchase at this site.

Some examples:

Beacon range 350-950, Empirica range 300-850 and Experian Fair Isaac range 375 to 900

These are all FICO scores!

P.S. Darn, my post was too late!

LOL. Well thanks for the quick response anyways Fused !!!

E!

Message Edited by fused111 on 09-12-2007 09:01 AM

Never Give Up!!

Anonymous · ‎09-12-2007

You will actually have 3 scores (one from each bureau) and a FICO - when the TLs report can change the score. Some lender just take the average of the three, others take the middle and others take the worst - and then others use the FICO itself.

Don't knock the bump (lock your loan also with the 660) and settle ASAP so they don't need to pull a second time because of an outdated report.

If rates go down you can 'shop' your loan (using your personal copies and scores that you have -assuming none go down dramatically) and then go back to the original lender to 'match or beat'.

Mortgage Lenders are required by law to give you the best program for your credit and financial situation.

I would also 'shop' now - using the method I described by faxing or emailing YOUR reports. And yes, they will give you a 'ballpark' figure but it's usually pretty accurate. There will only be a worthless "pre-qualified" until you actually apply (don't write a contract w/o a full pre-approval except for appraisal).

Mortage lenders are starving right now - use that to your advantage. Also, take into account points, closing costs, etc on each loan. Don't spend all your cash on the house leaving no reserve. Ask for a home warranty in your contract paid by the Seller and ask for closing cost help. Find an agent that knows how to write a contract in a Buyer's Market (someone licensed over 10 years will have been thru this type of market before) - which means look at price, CC help, etc along with the Seller's motivation.

Anonymous · ‎09-12-2007

Eric958 wrote:
I check my scores before lender on same day. Do lenders use some kind of plus score or something? E!

I would think it is a mortgage enhanced score. Read credit 101 and it tells a little about it.

Eric958 · ‎09-12-2007

Thanks Lady_Scarlet,

So far offer is 30 year fix 7.25 100% financing. I may put 5% down. I'm in a first time buyers program. seems all lenders are quoting me the 7.25 rate.

E!

Never Give Up!!

fused · ‎09-12-2007

Eric958 wrote:
Thanks Lady_Scarlet,

So far offer is 30 year fix 7.25 100% financing. I may put 5% down. I'm in a first time buyers program. seems all lenders are quoting me the 7.25 rate.

E!

I'm no mortgage expert but your rate seems high.

Eric958 · ‎09-12-2007

@fused111 wrote:

@Eric958 wrote:
Thanks Lady_Scarlet,

So far offer is 30 year fix 7.25 100% financing. I may put 5% down. I'm in a first time buyers program. seems all lenders are quoting me the 7.25 rate.

E!

I'm no mortgage expert but your rate seems high.

That's what I was thinking too. I have a fannie mae program loan. There are horror stories here about people finding out at close there's no money because the mortgage company went belly up.but also my DW has a bk which may have something to do with the rate.

Never Give Up!!