05-05-2008 07:45 AM
05-05-2008 08:02 AM
05-05-2008 09:47 AM
scoreclimber wrote:I have been told by my realtor that they will re-check my credit 3 days before closing. My question is - if my score is still 598 when they recheck, will that affect my interest rate since we've already locked in? Or do they just do a general check to make sure there are no major changes/purchases since getting pre-approved? I am terrified that at the recheck I'll no longer be about 620 and it will compltely derail our loan!Any thoughts on this would be greatly appreciated! BTW, everything else for our application is great - low DTI, putting 20% down, partner's credit score is near perfect, good employment history, etc.Thanks!
05-05-2008 11:21 AM
Thanks for the input! I took your advice and ordered new scores – I ordered all 3 since I had a free score power report and found a promo code for 25% off. As of today my scores are: EQ 626 EX 634 TU 647. So I feel much better! I also discovered since I got all 3 reports that the mortgage broker pulled the scores again on 4/23 when I sent him all the info on the new house. (This could be because our closing will actually be a week after our preapproval runs out). I sent him an email asking if the scores would be pulled again before closing. We’re curious about this anyway since we have to buy appliances and will probably charge them to a 0% Lowe’s or HD card. We can certainly wait until the day before closing to do this but it’ll be good to know.
Shanethemortgageman – Great advice! And of course it makes perfect sense to get mortgage info from the mortgage broker and not the real estate agent. My brain is on overload these days . And I do know rates are not guaranteed to go down or even stay the same – I figure once my score is up, if and when we could get a better rate refinancing might be an option. We’re fine with the payment as it stands right now so there won’t be any rush to re-fi. And we’re putting 20% down. I guess we didn’t look at FHA since we qualified for conventional, but maybe I should ask the broker about this if we could get a better rate.
Thanks again everyone!