Navy Federal Credit Union is working a VA refi for me. The home was appraised this past week and we are entering the 3rd week of the process. My application was give pre-approval status in the first week or so.
Tonight I did a routine check of my credit and about spit my coffee out: a 20 point decrease happened out of nowhere. So weeks of nice, steady incremental improvements got wiped out in a stroke. And my credit went in Experian's 'Fair' range from a low 'Good' place....
So far I can't find a reason because the credit agencies hide or conceal or bury all that information from us. Even those of us that pay for greater access to it....
I intend to inform the lender working my refit. And I guess my questions are
1. Should I tell the lender?
2. At this relatively late stage in the loan underwriting process would a lender be notified or be checking and then consider a change or rejection?
All things considered I thought I was sitting rather pretty on my 677 and now I am back down to 657...
Probably only the lender and time will tell but just wanted to pick the brains that hang out here in the meantime...
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