Rates are great unless your credit score is 640

By
Mortgage and Lending with Primary Residential Mortgage Inc. NMLS 3094 NMLS # 260747

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!

Posted by

Rick Costa

rcosta@bayeq.com

707-981-7349

www.rickcostamortgage.com

@rickcostamortg

 

 

NMLS # 260747 Representing Bay Equity Home Loans NMLS # 76988

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
California Mendocino County Ukiah
Groups:
Mortgage Bankers
Tags:
napa
petaluma
ukiah
mendocinocounty
rapidrescore
napacounty

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,120,789
Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Those scores can kill a deal fast!  Knowing your credit score and keeping an eye on it is so important for everyone especially those who want to buy a home.

Aug 15, 2014 07:50 AM #1
Rainmaker
475,751
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

The first step in buying a home is to find out if you are qualified and to know your credit score and to get a GFE (good faith estimate) of costs so there are no surprises.  Without it you are going nowhere fast. 

Aug 15, 2014 07:58 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
33,009

Rick Costa

FHA/VA/USDA expert
Doing the hard to get done loan!
*
*
*
*
Spam prevention