Mortgage Rate Question

nic2782e

Hello Ladies,

 I am new to the post and close on our new house on Nov 29th. I am counting down the days. My husband and I are really excited. My question is what rate did you lock into and what was your credit score #. My husband has 620, but we are waiting until the end of October to lock in a rate and pay off a few things off his credit report that will be deleted to get a better score. What are your thoughts?

lil_jen051708

Would you be approved for the mortgage only in your name? A 620 is pretty low and that will determine your interest rate. H had a 700 and I had a 780 and the mortgage is in my name only. We locked in 4.75 on a 30 yr conventional in May (which was a really good rate at the time). They've since dropped even more. If H was on the mortgage, his score which is still good but not excellent would have brought us up to 5%. I qualified for the mortgage on my own so we went with that.

I'm not sure what's on you H's report but just paying them off will not delete them. Also, they aren't instantly reported to the credit agencies so I hope you mean they are already paid of and you're working with the companies to clear up his credit report.

car_ramrod

We locked in at 3.25 for a 15 year or we could have done 3.875 for a 30 year.  If you are paying things off right now, it can still take 30 days for the creditors to report so you will potentially need to have it paid off right now in order for it to show in a month.  With that credit score you will probably be looking at a higher rate. Ours scores are both over 800.

car_ramrod

lil_jen051708:

I'm not sure what's on you H's report but just paying them off will not delete them. Also, they aren't instantly reported to the credit agencies so I hope you mean they are already paid of and you're working with the companies to clear up his credit report.

This is what I was trying to say  Lil Jen did a much better job!

Lara0802

If I were you, I'd lock in now. Interest rates are really low, and they are going to creep up. You can't be sure if they'll come back down again.

kimjoel

Lara0802:

If I were you, I'd lock in now. Interest rates are really low, and they are going to creep up. You can't be sure if they'll come back down again.

 

I'm not sure about that. We looked at house 8 months ago because everyone was saying "you better lock in now before intrest rates go up" (we didn't end up finding anything we like). Well now intrest rates are almost a whole percent lower than what they were then...

 You can't predict the future.