And she gave me my scores. I was shocked (especially about TU) Beacon (Equifax) - 611 (I knew this cuz I pulled it last night) FICO (Experian) - 542 (WTF?? Everything I've gotten has them as the highest!) Emperica (TU) - 622 (and I thought THEY were my lowest!) She said since I'm putting down 20%, she didn't think it would be hard for me to get the mortgage, but since I have time, she wants to work on some of the things she saw on my report. It makes NO sense....scores!
I have heard that the scores lenders get are different than our's especially when it comes to mortgage. BTW I thought Equifax was FICO and Experian was Beacon. Congratulations, sounds like you'll be a homeowner soon. Kim
If that's the case, it doesn't make sense because my Equifax was 611 last night on myfico. Who knows....I can't be too concerned right now....gotta go pick colors for the house!
Didn't get any terms....house is being built and nothing is valid right now...I'll have to wait until a few months before we can get it "finalized"
Shantel, Congratulations! I was surprised by my TU scores as well: TU's pretend score was 565, real-life Empirica score was 637. Have fun picking stuff out...we go this Sunday to select colors, cabinets, etc (well, my wife will be making the selections, and I'll be holding the twins, but it'll still be exciting, lol). wajaba
Shantel, BE CAREFUL! Predatory mortgage lending is on the rise. Make her give you a mortgage quote now, even if the house won't be done for months, just so you can get a feel for what she is offering you. And you can least lock down the fees. Remember the Truth in Lending statement you get after applying for a loan means nothing.
If the house will not be ready for closing for at least 60 days it will cost you up-front to lock in a rate at this time...depending on the lender it can be anywhere from .5-1% of the total loan cost and that is nonrefundable nor appliable to closing costs. The further out your closing date is...the higher your mortgage rate will be. What you do want to find out at this time is whether or not you can get a conventional mortgage or if you will be going non-conforming and at least get an idea of what your interest rate area will be. Generally speaking...when the stock market goes up...so will mortgage (fixed)rates as they are tied to the 10 year treasury bill. I have seen rates rise and fall by as much as 1/2%(point) in the same day and as volatile as the markets are now...??? You are right...Good Faith Estimates(GFE's) are not worth the paper they are written on...they are afterall only estimates(LOL sarcastically) Good luck on the mortgage and email me if I can answer any questions off-board for you fla_tan
Well, when they pulled my credit reports, she said there was more documentation that she needs from me. The faster I can get it to her, the faster she can complete everything and send it to underwriting. For me to lock more than 60 days out (they say the house won't be ready until last Aug/Sep), would cost me an arm and a leg. I know the market is volatile and the rates are tied to it. I know they had slowly crept up to about 7.2 and now they're down again to 6.7 (around here anyhow). Once she has all the documentation, I'll make sure I ask her all the questions I need to. And thanks to everyone who has responded and has offered their invaluable advice.
