Score increase after mortgage process started.

[Estexan07]

I can't find much information on this so I wanted to ask here before going to my lender. This question comes up a lot as "my credit score decreased during my mortgage application, will my locked rate increase?" I have the opposite situation, we started the official mortgage application last week and this week my scores went up drastically...

Last week the lender pulled mortgage scores of 705, 719, 745.. sent us the disclosure packet with loan details, closing, locked rate, etc. We signed it.

Today I get an alert that my scores are up so I pull new mortgage scores: 737, 745, 761...

So my middle score went from 719 to 745... do I have any options for getting a better rate at this point?

[Anonymous]

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@Estexan07 wrote:

I can't find much information on this so I wanted to ask here before going to my lender. This question comes up a lot as "my credit score decreased during my mortgage application, will my locked rate increase?" I have the opposite situation, we started the official mortgage application last week and this week my scores went up drastically...

Last week the lender pulled mortgage scores of 705, 719, 745.. sent us the disclosure packet with loan details, closing, locked rate, etc. We signed it.

Today I get an alert that my scores are up so I pull new mortgage scores: 737, 745, 761...

So my middle score went from 719 to 745... do I have any options for getting a better rate at this point?

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Do you have any installment loans on your credit file? Also have you paid anything recently or something deleted?

[krielly]

call your lender and ask

[Anonymous]

Wow! That's awesome. I would definitely ask your loan officer to look into that for you. That lower rate could help out a lot in the long run. 

[Anonymous]

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@Estexan07 wrote:

I can't find much information on this so I wanted to ask here before going to my lender. This question comes up a lot as "my credit score decreased during my mortgage application, will my locked rate increase?" I have the opposite situation, we started the official mortgage application last week and this week my scores went up drastically...

Last week the lender pulled mortgage scores of 705, 719, 745.. sent us the disclosure packet with loan details, closing, locked rate, etc. We signed it.

Today I get an alert that my scores are up so I pull new mortgage scores: 737, 745, 761...

So my middle score went from 719 to 745... do I have any options for getting a better rate at this point?

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You can ask the lender to re-pull credit and adjust the rate accordingly. You haven't added any new debt that may affect your DTI have you? Depending on how far the lender is, just understand that this may put you back a day or two.

[Estexan07]

Yes, I had a 30-day late on a credit card from last September, they just removed it this week apparently after I sent them a GW letter awhile back. My utilization on credit cards also just dipped under 8%...

I have not added anything that would affect my DTI negatively, it has actually gone down steadily over the last few weeks as some paid off cards have reported.

Guess I should give him a call! Thanks for the responses.  

[Talima719]

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@Estexan07 wrote:

I can't find much information on this so I wanted to ask here before going to my lender. This question comes up a lot as "my credit score decreased during my mortgage application, will my locked rate increase?" I have the opposite situation, we started the official mortgage application last week and this week my scores went up drastically...

Last week the lender pulled mortgage scores of 705, 719, 745.. sent us the disclosure packet with loan details, closing, locked rate, etc. We signed it.

Today I get an alert that my scores are up so I pull new mortgage scores: 737, 745, 761...

So my middle score went from 719 to 745... do I have any options for getting a better rate at this point?

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I would love to see the before and after rate with that great mortgage score increase.  That put you in the sweet spot with lenders being over 740.