My scores range from 600-665, my wife's are in the mid 700's. What kind of interest rate on a fixed, 30-year mortgage can we expect when we apply in a couple of months? The current climate makes me nervous. I have paid all of our cc's down in anticipation of this, but it's not being reflected in the CRs. How can I expedite them reporting the fact that we have paid off these debts? (I am thinking it will help our scores that we have removed about $6k of debt.) Thanks, as always. JG
If you have time, you might try reviewing and cleaning your credit reports. This might take from three to six months but the magic credit score was 720 to get you out of the "sub-prime" market. I was in the 640 neighborhood when I refinanced and could have got a 7% first and a 10% second. At 720 or better, that could have been something like 6 and 8 so if you can get the scores up to 720 or better it'll save you a bundle.
Is your wife's income sufficient to support the mortgage in her name only? With her scores only, you're looking at a 6.5% (+/-) rate.
