What would you do?
First I want to say I know the scores change during the day and every day. But does this sound a little high to be offered this week on Monday? Things to consider.
1. It's a vacation home in S. Lake Tahoe, Ca (not primary home)
2. I have a great DTI like around 16% (positive)
3. The home is 465,000, loan amonnt 372,000 ( I was approved for 500K)
4. 2 medical collections showing (Waiting for a deletion letter in mail for one)
5. Escrow date set at 45days closing Nov 20th.
I'm so grateful my two collections, and score of 684 didn't disqualify me from getting a chance to own my dream vacation home. Would you just go with it ( rate above), or still shop for a better rate? I did sign a letter to move forward with this loan, but apparently when I thought we had locked on Monday, we didn't. So at this point I'm guessing I can still shop for a better loan?
Second thing is, I'm waiting for a letter of deletion from a collection agency from a medical bill from 2015 just paid last week. That deletion letter will get here tomorrow or by next week. Closing is scheduled for Nov 20th. My lender says that he can do a rapid re-score as soon as I get that letter in the mail. I'm pretty darn sure it will raise my score closer to my highest score that collection agency did not report to Experian ( 730 ). They reported to Transunion ( 679 ) and Equifax ( 684 ). So you can see why I'm pretty optimistic getting in around 720 to 730 mark with that rapid rescore. This will mean a world of difference to me in rates and money saved if that rapid rescore actually works. Never heard about it until now.
Thank you for any input. Wish I would have gotten that collection paid and deleted a month ago.
