Hey Folks,
So here's my scenario - I've been working on my conventional cash-out re-fi for a while.
The first CR was pulled in March and since then I have been steadily paying down
my debt. I had approximately 13K in CC/LOC debt and mortgage scores in the 720 range
(FICO 08 scores were 740-750 range).
Now I have a little over 3K in CC debt (and will have zero by the 15th of this month) and
my EX 08 is now at 783 so I'm guessing my mortgage scores should be better too.
I also have about 5 CC inq's that will age either 12 months or fall off altogether, in the next week or so
(currently have 12-15 across the 3 CRAs).
I know there are tiers for scores that would improve the loan rate.
I'm also wondering if an improved score would remove the need to show 6 months'
reserves for the mortgage.
I have a conditonal approval for the loan from the UW and the only real hurdle to clear is the appraisal,
which needs to show a certain value for the loan amount I requested.
Should I have them pull my CR again in the hope that I might get a better deal?
H.
