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Already rate locked. Haven't closed. BIG score improvement

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Anonymous
Not applicable

Already rate locked. Haven't closed. BIG score improvement

So my mortgage score in December when lender pulled was around 635. I recently had an inaccurate collection come off my reports and I noticed my EQ and EX mortgage scores are now over 660 and 680 respectively. Am I SOL in terms of my already locked rate? I presume yes.
Message 1 of 20
19 REPLIES 19
Anonymous
Not applicable

Re: Already rate locked. Haven't closed. BIG score improvement

It can't hurt to ask for a lower rate.

Message 2 of 20
StartingOver10
Moderator Emerita

Re: Already rate locked. Haven't closed. BIG score improvement


@Anonymous wrote:
So my mortgage score in December when lender pulled was around 635. I recently had an inaccurate collection come off my reports and I noticed my EQ and EX mortgage scores are now over 660 and 680 respectively. Am I SOL in terms of my already locked rate? I presume yes.

You are never boxed in - unless you have closed already.

 

Check with your LO. Even check with a competitor. When is your closing date?  Are you getting a conventional loan? If so, your rate jump will really help.

Message 3 of 20
Anonymous
Not applicable

Re: Already rate locked. Haven't closed. BIG score improvement


@StartingOver10 wrote:

You are never boxed in - unless you have closed already.

 

Check with your LO. Even check with a competitor. When is your closing date?  Are you getting a conventional loan? If so, your rate jump will really help.


Closing is Friday, I won't do anything to jeopardize that. It's my own fault for not catching the inaccuracy before starting this process, its been on there since early last year. I'm getting an FHA loan with a 4.625 rate because of being below 640 with a mid score. 

Message 4 of 20
Anonymous
Not applicable

Re: Already rate locked. Haven't closed. BIG score improvement

Just got off the phone with the LO. He said if I want to do it he'll do it (pull the credit report) but it will delay closing until at least Monday and there's a risk my scores could drop and then I wouldn't get the mortgage at all. I think being my first house and me being so close to qualifying as it is because of DTI, I'd rather just wait until fall when I can refi.

Message 5 of 20
frugalQ
Valued Contributor

Re: Already rate locked. Haven't closed. BIG score improvement

did your LO tell you what your new int rate will be?  

 

we know that the mortgage scores here at myfico are the exact same versions pulled by the lenders.  without a lender pull, we know the worst case scenario is 660 (based on the info you provided us).  even if your score drops due to the inquiry, i highly doubt it will drop back down to 635.  can your LO can give you what the int rate will be if mid is 660 or 650? with that info, you can make a more informed decision.

 

closing 3 days later is not bad at all.

 

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 6 of 20
frugalQ
Valued Contributor

Re: Already rate locked. Haven't closed. BIG score improvement

you have to do what you feel is best.  if you are approved 'by the skin of your teeth' (so to speak), then I totally understand not wanting to rock the boat.

 

congratulations to you!!

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 7 of 20
Anonymous
Not applicable

Re: Already rate locked. Haven't closed. BIG score improvement


@frugalQ wrote:

you have to do what you feel is best.  if you are approved 'by the skin of your teeth' (so to speak), then I totally understand not wanting to rock the boat.

 

congratulations to you!!


It was a one and three-eighths point difference, about $100 a month. Its worth it if I had more time, but with my DTI in the low 40's the last thing I want is to screw up the whole thing. My DW would murder me. I'm going to run it past her, but I'm pretty sure I've got the read right.

Message 8 of 20
Revelate
Moderator Emeritus

Re: Already rate locked. Haven't closed. BIG score improvement


@Anonymous wrote:

@frugalQ wrote:

you have to do what you feel is best.  if you are approved 'by the skin of your teeth' (so to speak), then I totally understand not wanting to rock the boat.

 

congratulations to you!!


It was a one and three-eighths point difference, about $100 a month. Its worth it if I had more time, but with my DTI in the low 40's the last thing I want is to screw up the whole thing. My DW would murder me. I'm going to run it past her, but I'm pretty sure I've got the read right.


1.375%  difference?  People flock to refinance homes for less change than that.

 

Have them repull in my opinion: >$1000 a year buys a lot of candy, just saying.  Inquiries are overrated to quote DLG, and if you already have some on your report there's diminishing returns anyway in terms of damage.  Why pay literally thousands of dollars later in fees to do the exact same thing you can do now for $60 or whatever the lender charges for their pull?

 




        
Message 9 of 20
Anonymous
Not applicable

Re: Already rate locked. Haven't closed. BIG score improvement


@Revelate wrote:

@Anonymous wrote:

@frugalQ wrote:

you have to do what you feel is best.  if you are approved 'by the skin of your teeth' (so to speak), then I totally understand not wanting to rock the boat.

 

congratulations to you!!


It was a one and three-eighths point difference, about $100 a month. Its worth it if I had more time, but with my DTI in the low 40's the last thing I want is to screw up the whole thing. My DW would murder me. I'm going to run it past her, but I'm pretty sure I've got the read right.


1.375%  difference?  People flock to refinance homes for less change than that.

 

Have them repull in my opinion: >$1000 a year buys a lot of candy, just saying.  Inquiries are overrated to quote DLG, and if you already have some on your report there's diminishing returns anyway in terms of damage.  Why pay literally thousands of dollars later in fees to do the exact same thing you can do now for $60 or whatever the lender charges for their pull?

 


Worse. The pull is only $32. I'll run it past DW when she gets home early this afternoon.

Message 10 of 20
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