A reminder to everyone that not every borrower gets the same rates. On a conventional loan, if you have a credit score of 640 there is a cost for this. The LLPA depends on the loan to value. I am doing a loan now and this borrower who is doing a cash out refinance loan is going to pay an extra .25 to the rate because of the credit score. Sometimes you can pay down debt and do a "rapid-rescore" to increase the credit score and get a better rate. Next time your borrower is faced with this issue ask the lender to check on if they feel a "rapid-rescore" will help!
Saint Michael, MN
Pleasant Prairie, WI
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