Start VS Finish MMS

[Sbrooks1]

Current mid score is 690.In December 1 CO and 2 paid collections will fall off and in Feb my one and only 90 day late falls off. My plan has been to wait until then for optimal scoring advantage as I hope to get over 700 with the baddies falling off. My question is if I start app earlier at 690 and then before closing scores are much better will they use the scores at or near closing for my rate?

[Sbrooks1]

Moving on as this forum has definitely list momentum!

[Anonymous]

The weekends are generally slow when it comes to responses.  So don't think your post was ignored.  Often times, people read a post and don't respond because they don't know the answer or are not confident about their answer if they think they know what it is.  So, they don't respond.  The views count can be deceiving.

That being said, most lenders will use the score you first applied with for the rate.  So I suggest you wait till you are over 700 which is your goal to apply.

[Sylvrbak]

Yes-It's-Me - correct me if I am wrong, but assuming that SBrooks1 is going in on a build from ground up and approval/credit report to start the build lasts 90 to 120 days, the lender would need to re-pull credit prior to locking in the rate? I am hopeful that this is the case, since I am now beyond my conditional approval on my construction purchase. My score has gone up 30-40 points and my lender will need to repulse credit I would think.... Unless all they will do is a soft pull to close???

[Sbrooks1]

I'm so curious ! If they repull and scores drastically better can be used , I can app much sooner !! Have you talked to your LO

[Sylvrbak]

Yes I have, and they will go with my higher score, technically speaking I want the best deal my credit will allow for so, even if they did not I plan to shop the loan one final time at the 60 day mark before closing. If i were you I would pull the trigger, but I should share with you, I am a risk taker... Lol

[Anonymous]

---

@Sylvrbak wrote:
Yes-It's-Me - correct me if I am wrong, but assuming that SBrooks1 is going in on a build from ground up and approval/credit report to start the build lasts 90 to 120 days, the lender would need to re-pull credit prior to locking in the rate? I am hopeful that this is the case, since I am now beyond my conditional approval on my construction purchase. My score has gone up 30-40 points and my lender will need to repulse credit I would think.... Unless all they will do is a soft pull to close???

---

@Anonymous are correct.  I didn't know @Anonymous was doing a new build.  That is an exception and and re-score will be done with the better rate used.

[Sbrooks1]

What about a build that's partially framed at my signing a contract?

[Sylvrbak]

I'm no expert, but I would say it really depends on the expected finish out date... From what I've seen, spec builds usually get done fairly quickly so they can sell t before they start losing money. And how long your first Fico pull lasts on your app before they would need to do a final pull.

[Sylvrbak]

---

@Anonymous wrote:

---

@Sylvrbak wrote:
Yes-It's-Me - correct me if I am wrong, but assuming that SBrooks1 is going in on a build from ground up and approval/credit report to start the build lasts 90 to 120 days, the lender would need to re-pull credit prior to locking in the rate? I am hopeful that this is the case, since I am now beyond my conditional approval on my construction purchase. My score has gone up 30-40 points and my lender will need to repulse credit I would think.... Unless all they will do is a soft pull to close???

---

@Anonymous are correct.  I didn't know @Anonymous was doing a new build.  That is an exception and and re-score will be done with the better rate used.

---

I had previous knowledge that SB1 was looking at new builds (from another post) but I have also heard that some lenders do a soft pull at the end and if nothing's changed....off they go to the closing table. If scores are going up, I like the idea of an opportunity for the better rate. If scores go down however, it could be a double edge sword.