Mortgage question

[Anonymous]

When I find a house to purchase do the lenders use my FICO score at that moment? Or, can they pull my score again before closing and maybe get a lower rate if my score has gone up in that short amount of time?

[Anonymous]

Best Plan of action:

(1) Reapir credit

(2) get pre-approved

(3) Find the house

(4) Settle and move

Do NOT count on being able to get credit repair done in a month or two - it takes time.

[Anonymous]

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Lady_Scarlet wrote:

Best Plan of action:

(1) Reapir credit

(2) get pre-approved

(3) Find the house

(4) Settle and move

Do NOT count on being able to get credit repair done in a month or two - it takes time.

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I'm not counting on it. I was just curious if they do pull your FICO scores again right before closing.

[Anonymous]

If you want a new rate (and have scores pulled) - you then have to go back to underwritng.  Being pre-approved before a contract almost makes you a cash buyer (I say almost because the bank will have some contditons) BUT  you have the money to purchase if the seller/property meets the conditions (appraisal, clean title to pass to you, homeowner's insurance (by you), termite report(clean or repaired), HOA/PUD approval, etc).

[Anonymous]

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Lady_Scarlet wrote:

If you want a new rate (and have scores pulled) - you then have to go back to underwritng.  Being pre-approved before a contract almost makes you a cash buyer (I say almost because the bank will have some contditons) BUT  you have the money to purchase if the seller/property meets the conditions (appraisal, clean title to pass to you, homeowner's insurance (by you), termite report(clean or repaired), HOA/PUD approval, etc).

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Thank You!