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January 2021 Closers

Readyformyhome
Established Contributor

Re: January 2021 Closers

Finally some movement in my refi! Got updated disclosures with a rate lock this morning good through 2/5. An end may finally be in sight!

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 21 of 50
SamsungHDTV
Established Contributor

Re: January 2021 Closers


@Readyformyhome wrote:

Finally some movement in my refi! Got updated disclosures with a rate lock this morning good through 2/5. An end may finally be in sight!


Nice! What term and rate did you lock?

Message 22 of 50
cy1215
Established Contributor

Re: January 2021 Closers


@cy1215 wrote:

@cy1215 wrote:

@cy1215 wrote:

@cy1215 wrote:

@cy1215 wrote:

I didnt see a January 2021 closers thread so here we go:

 

Feels good after starting here in the Rebuilding Your Credit forum many years ago, then moving into the Credit Card forum, now able to post in the Mortgage forum, the end goal is so close!

 

Purchase Price: $207,500

DP: 3.5%

Loan Type: FHA

Mid Score: 770

Tentative Closing Date: 1/8/2021

Rate Locked at 2.25%

 

Receiving a $15,000 Credit for closing costs and down payment assistance for buying in an area affected by Hurricane Michael in 2018.

We just had our home inspection completed, now awaiting the lender to order the appraisal and am super stressed that the home might not appraise at our offer price.


We received a conditional approval on 12/22 and are still waiting to hear from the processor for additional items needed.  


Just spoke to our loan officer and she said if the processor didnt request anything from me yet, then they wont need anything else and all were waiting on is the clear to close!


We got our closing disclosure today! After the conditional approval we never received any conditions to meet from underwriting which I still find extremely odd. Scheduled closing for Friday 1/8 at 4:30 PM 3 days from now. Still waiting on clear to close. When can we expect that to come in?


Clear to close just came in!!!!! Closing in two days on friday at 430 pm!


We closed! Extremely painless process end to end. We are officially homeowners!

Message 23 of 50
UpAndComing74
Regular Contributor

Re: January 2021 Closers

Quick quesiton.

 

Your midscore dropped due to inquiries?  How were they able to get the number before drop?  Did they go off a prior credit pull or what not?


Starting Score: 614
Current Score: 614
Goal Score: 700


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Message 24 of 50
sxa001
Established Contributor

Re: January 2021 Closers


@UpAndComing74 wrote:

Quick quesiton.

 

Your midscore dropped due to inquiries?  How were they able to get the number before drop?  Did they go off a prior credit pull or what not?


You will always see a drop due to the inquiries, they will use the scores at the time of their credit pull.  They will provide you with a letter that shows the score they used.  Unless it takes too long to fund the drop from inquiries isn't a big deal, if it drops you into a different tier that could be an issue if they have to pull your scores again. 

 

 


Message 25 of 50
UpAndComing74
Regular Contributor

Re: January 2021 Closers

I understand that.  I am trying to figure out the timing of the drop. I am at a mid of 712.  I do not want to drop into a lower tier.  So when they push the button, isnt the score they pull thfe "dropped" score?  Its not a delayed score drop is it?

 

 

 


Starting Score: 614
Current Score: 614
Goal Score: 700


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Message 26 of 50
sxa001
Established Contributor

Re: January 2021 Closers


@UpAndComing74 wrote:

I understand that.  I am trying to figure out the timing of the drop. I am at a mid of 712.  I do not want to drop into a lower tier.  So when they push the button, isnt the score they pull thfe "dropped" score?  Its not a delayed score drop is it?

 

 

 


What do you mean by when they push the button? They will use whatever scores you had when you apply with that particular lender at the time of the application. If your score does go up while you are home shopping or under contract you can do a rapid rescore (for a fee) if it could help your rates.  

 

Ask your lender how long the pull is good for. I have seen 60 days, and my lender was actually 120 days.  


Message 27 of 50
UpAndComing74
Regular Contributor

Re: January 2021 Closers

Lol.. Ok. we may be talking about the same and 2 different things.

 

Lender pulls credit tommorrow.  That pull drops my score to 709.  They will not use 712 because they would have never seen it.  If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data.  Whatever they get when they pull(push the button) is the score that they will use.  Sound correct?


Starting Score: 614
Current Score: 614
Goal Score: 700


Take the FICO Fitness Challenge

Message 28 of 50
Duke_Nukem
Established Contributor

Re: January 2021 Closers


@UpAndComing74 wrote:

 

Lender pulls credit tommorrow.  That pull drops my score to 709.  They will not use 712 because they would have never seen it.  If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data.  Whatever they get when they pull(push the button) is the score that they will use.  Sound correct?


There is a buffer period after a mortgage HP takes place.  I'm not 100% positive if it is different on the big 3 CRA's, but I didn't see my score change on EX for 30+ days after my first pull from EX (I've seen others mention a 14-15 day period for one of the CRA's).  So you have around 15-30 days "to shop around" with different mortgage companies before your FICO score reflects the pulls.

 

Also, mortgage HP's are lumped together in your credit scores.  I had multiple mortgage companies do a HP on EX, but EX only shows 1 HP as being "counted" in the FICO scoring model.  However, it is my understanding that the HP's do count individually when applying for credit products (such as cards).  In other words, if you shopped 5 different mortgage companies for the best rates: 1) the CRA's FICO scores should only show 1 HP in their scores, but 2) a credit card issuer will still see 5 HP's on your credit report.


Message 29 of 50
UpAndComing74
Regular Contributor

Re: January 2021 Closers


@Duke_Nukem wrote:

@UpAndComing74 wrote:

 

Lender pulls credit tommorrow.  That pull drops my score to 709.  They will not use 712 because they would have never seen it.  If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data.  Whatever they get when they pull(push the button) is the score that they will use.  Sound correct?


There is a buffer period after a mortgage HP takes place.  I'm not 100% positive if it is different on the big 3 CRA's, but I didn't see my score change on EX for 30+ days after my first pull from EX (I've seen others mention a 14-15 day period for one of the CRA's).  So you have around 15-30 days "to shop around" with different mortgage companies before your FICO score reflects the pulls.

 

Also, mortgage HP's are lumped together in your credit scores.  I had multiple mortgage companies do a HP on EX, but EX only shows 1 HP as being "counted" in the FICO scoring model.  However, it is my understanding that the HP's do count individually when applying for credit products (such as cards).  In other words, if you shopped 5 different mortgage companies for the best rates: 1) the CRA's FICO scores should only show 1 HP in their scores, but 2) a credit card issuer will still see 5 HP's on your credit report.


Ahhh Got it!!! I did apply 2 two so far. (NavyFed and Outside Lender) Scores dropped on CK...who cares right?  So I did purchase my TU refresh from Myfico.  Score remains at 712.  Thanks for the explanation.


Starting Score: 614
Current Score: 614
Goal Score: 700


Take the FICO Fitness Challenge

Message 30 of 50
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