Author Topic: credit score and mortgage (Read 8160 times)

dealfinder85 · « **on:** February 04, 2014, 01:32:12 PM »

what is the highest bucket of credit scores that you need in order to get the lowest interest rate for your mortgage?

smee123 · « **Reply #1 on:** February 04, 2014, 03:37:30 PM »

Quote from: dealfinder85 on February 04, 2014, 01:32:12 PM

what is the highest bucket of credit scores that you need in order to get the lowest interest rate for your mortgage?

Ask a mortgage broker?

dealfinder85 · « **Reply #2 on:** February 04, 2014, 03:42:24 PM »

Quote from: smee123 on February 04, 2014, 03:37:30 PM

Ask a mortgage broker?

theres gotta be one here in the forum

CountValentine · « **Reply #3 on:** February 04, 2014, 07:52:12 PM »

It varies but >760 and you should be safe. Some do say >740.

smee123 · « **Reply #4 on:** February 04, 2014, 08:20:10 PM »

Quote from: CountValentine on February 04, 2014, 07:52:12 PM

It varies but >760 and you should be safe. Some do say >740.

Could putting more % in closing, say 30% give you the best rate even if your score is only excellent and not perfect?

CountValentine · « **Reply #5 on:** February 04, 2014, 08:35:14 PM »

Quote from: smee123 on February 04, 2014, 08:20:10 PM

Could putting more % in closing, say 30% give you the best rate even if your score is only excellent and not perfect?

Never needed to that since I as born with a perfect score.

EJB · « **Reply #6 on:** February 04, 2014, 08:47:35 PM »

Damn different versions of FICOs! Barclays FICO says I'm a 770 (frum!) but the FICO from the same bank pulled for a mortgage prequalification said 728!

CountValentine · « **Reply #7 on:** February 04, 2014, 08:51:49 PM »

Quote from: EJB on February 04, 2014, 08:47:35 PM

Damn different versions of FICOs! Barclays FICO says I'm a 770 (frum!) but the FICO from the same bank pulled for a mortgage prequalification said 728!

IIRC their is a CC FICO and a mortgage FICO.

smee123 · « **Reply #8 on:** February 06, 2014, 07:56:48 PM »

Quote from: CountValentine on February 04, 2014, 08:35:14 PM

Never needed to that since I as born with a perfect score.

Anyone else?

Could putting more % in closing, say 30% give you the best rate even if your score is only excellent and not perfect?

eis517 · « **Reply #9 on:** March 03, 2014, 08:29:38 AM »

Hi,

I recently moved from the US to Canada and am looking to buy a house in Toronto. The mortgage broker we are using said we should get credit reports for both my wife and I from either Transunion or Equifax. What is the best/least expensive way to see which one I should give them? I assume one will be better because I applied for CC's from NY and NJ.

Thanks for all your help!

notanonymous · « **Reply #10 on:** March 04, 2014, 05:07:22 PM »

Quote from: eis517 on March 03, 2014, 08:29:38 AM

Hi,

I recently moved from the US to Canada and am looking to buy a house in Toronto. The mortgage broker we are using said we should get credit reports for both my wife and I from either Transunion or Equifax. What is the best/least expensive way to see which one I should give them? I assume one will be better because I applied for CC's from NY and NJ.

Thanks for all your help!

Once a year.
http://www.annualcreditreport.com

notanonymous · « **Reply #11 on:** March 04, 2014, 05:08:49 PM »

Quote from: eis517 on March 03, 2014, 08:29:38 AM

Hi,

I recently moved from the US to Canada and am looking to buy a house in Toronto. The mortgage broker we are using said we should get credit reports for both my wife and I from either Transunion or Equifax. What is the best/least expensive way to see which one I should give them? I assume one will be better because I applied for CC's from NY and NJ.

Thanks for all your help!

Did he tell you why? They will pull your report before/when you submit the app.

smee123 · « **Reply #12 on:** March 04, 2014, 09:21:56 PM »

740 is the top score you need. They use the middle score of three.
And 20% down until 40% nothing changes.

DP7 · « **Reply #13 on:** July 28, 2014, 03:53:14 PM »

Can closing a business card have an impact on a mortgage application?

mochada · « **Reply #14 on:** July 29, 2014, 12:16:51 AM »

Quote from: DP7 on July 28, 2014, 03:53:14 PM

Can closing a business card have an impact on a mortgage application?

Shouldn't be an issue.

Super Speed · « **Reply #15 on:** September 08, 2015, 01:40:58 AM »

I would appreciate if anyone with mortgage knowledge can chime in. I'm in the process of applying for a mortgage and my credit score isn't that great due to a few factors;
1) Age of my accounts, my oldest account is about 8 years.
2) I have a side business which I spend a lot of money on and the statements close with large balances.
Just to clarify I pay every dollar off in full every month and never paid a dime in interest. Will this effect my mortgage rate or would I be able to explain this and show proof and get a rate as if I had a 760 score?
(As a side, I try using only business cards so that it won't be on the report but that credit isn't currently enough)

ckmk47 · « **Reply #16 on:** September 08, 2015, 02:00:08 AM »

Since 30% of your credit score is credit utilization, having large balances on your personal cards when the statement closes will cost you.
How about while you're shopping for a mortgage, you pay them off in the month you spent the money? Keep it up a full month (for all the banks to report) and you should have a CS jump.
I think, only a small, personal-type bank will override the CS. But talk to a mortgage broker for firm thoughts.

Super Speed · « **Reply #17 on:** September 08, 2015, 02:09:18 AM »

Quote from: ckmk47 on September 08, 2015, 02:00:08 AM

Since 30% of your credit score is credit utilization, having large balances on your personal cards when the statement closes will cost you.
How about while you're shopping for a mortgage, you pay them off in the month you spent the money? Keep it up a full month (for all the banks to report) and you should have a CS jump.
I think, only a small, personal-type bank will override the CS. But talk to a mortgage broker for firm thoughts.

I don't have much time at this point, we just found the house but they want the mortgage commitment by 2 weeks after succos. Thanks tho for your helpful advice, I'll see what I can do.

ayman · « **Reply #18 on:** September 08, 2015, 08:51:53 AM »

You know that your scores are all below 760?

ayman · « **Reply #19 on:** September 08, 2015, 08:54:20 AM »

Credit score is only 1 factor that goes into determining the rate you get. (And its prob not even the biggest factor)
At least as important is your Debt to income and loan to value ratios.