Is This Possible?? Well Fargo...

[liyfe1]

Hello everyone....  This past November my wife and I were pre-approved with wells Fargo (rate 4.375 in which we locked in).  Her Credit score is a 820 and at the time my scores were much lower. 696 (mid score they used).  Fast Forward to today..with the help of Myfico.com I have managed to get that mid score up to 780 (wow right). Is it possible to have them run my credit again to get a lower rate or are we stuck?  We are already in contract and are waiting for full commitment. 

[StartingOver10]

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@liyfe1 wrote:

Hello everyone....  This past November my wife and I were pre-approved with wells Fargo (rate 4.375 in which we locked in).  Her Credit score is a 820 and at the time my scores were much lower. 696 (mid score they used).  Fast Forward to today..with the help of Myfico.com I have managed to get that mid score up to 780 (wow right). Is it possible to have them run my credit again to get a lower rate or are we stuck?  We are already in contract and are waiting for full commitment. 

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Did you sign a rate lock agreement?

If not, then you can have them resubmit to underwriting with a new rate - call your LO.

If you signed a rate lock agreement, when is the expiration date?

[liyfe1]

yes i did...it expires march

[zhenxinqian]

I would call your LO. Explain your concerns and ask. If s/he's a good LO, they should be able to get it through underwriters again and possibly adjust for a better rate. 

Good luck! I hope you get a better rate! 

Let us know how it works out. 

[boomhower]

Eesh, you locked.  It can't hurt to try and get it lowered.  If they won't do it I would look at hitting up another lender you have all your docs ready to go it should be a quick process, especially with those scores.(quick with a good lender)  The rates have dropped considerably and it would be worth the effort IMHO.

[liyfe1]

will do....appreciate that. Do you guys feel that 4.375 is  a decent rate?????

[StartingOver10]

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@liyfe1 wrote:

will do....appreciate that. Do you guys feel that 4.375 is  a decent rate?????

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The rates right now are somewhere under 4% depending upon a lot of factors.

 Recent closings of my clients have been 3.875% no points, FHA loan and lower scores than yours are now.

I would say tht it wouldn't hurt to go to another lender to see what you can get. As pointed out, make sure it is a good one. Don't pull your app yet from Wells until you know you have something better lined up. We don't know all of your info, but your credit warrants a better rate.

[liyfe1]

im going to call tommorrow...i hope this doesnt delay anything...we are pretty far in the process :/ .

[boomhower]

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@liyfe1 wrote:

will do....appreciate that. Do you guys feel that 4.375 is  a decent rate?????

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At last half a point high for FHA on a 30 year, could possibly do better than that even.  Anything over 4 is high right now.