Getting Mortgage, Credit Score Went Up, Can I Get A Better Rate

[Anonymous]

Ok.  I've never posted on here but have loved the wonderful advice.  It's paid off.  Our credit scores are consistently going up!  Only problem, we are in the middle of purchasing a house.

The home purchases is for $205 with 25% down.  Conventional 30 year.  We are paying all the closing costs and fees upfront.  We have plently of money in the bank and our income is over $100K.

The loan is for 5.875. This rate includes the point we bought down for $1K. We are using a mortgage broker.

Our credit scores when we started the process were just a tad under the 680 mark that our mortgage broker said that we needed to get the better rates.  The loan has gone through underwriting and is supposed to make it to the title company today.

Yesterday, I got an email from Score Power that my husband EQ score had changed.  I pulled his new score with EQ and TU and EXP with MyFico.  His average score has now gone above the 680 mark.  Apparently, the new United Miles CC that he applied for back in September is now showing up and helping our credit.  I pulled my score and myaverage is now also about 680.

We haven't signed loan docs, yet.  Can we push our mortgage broker to look at the deal again??  Any advice please??

[ShanetheMortgageMan]

Welcome to the forums.  Ask your loan officer if he can re-pull credit and use the higher scores to get lower rates.

[Anonymous]

Thank for the great advice!  Just needed to make sure we were asking the right questions.  I told our mortgage broker last night and asked him to pull our scores.  He said that he had never had this happen before and would talk to the loan underwriter. . .we'll see how it goes!

[ShanetheMortgageMan]

Yup it's totally fine to ask for them to re-check credit.  Most of the time they can and take advanatage of higher scores but in some cases they can't.  So you really never know until you ask.

[citrygirl1973]

UPDATE.  Our mortgage broker pulled our scores and they did go up.  (Yeah, for the accuracy of MyFico.)  He was able to get our rate down another point to 5.750!  He's checking to see if there are any extra fees. . .

We should be able to close on the home sometime early next week! 

So, the investment in watching our credit very carefully has paid off!  Love my MyFico.com and also using ScorePower with Equifax.