Read Full Article Here: https://www.sfgate.com/realestate/article/Just-Approved-Rapid-rescore-saves-homeowner-14079114.php
July 8, 2019
Mortgage adviser: Dominique Stevens, Mayfair Mortgage.
Backstory: We helped a couple purchase their Oakland town home in the fall of 2018. They recently reached out to us to find out about the dip in interest rates, and how it might affect their monthly payments.
With rates hovering at 4%, the new interest rate would significantly save the couple on their mortgage payments. Surprisingly, when we pulled their credit report, their credit scores had declined since last fall. To obtain the best rates, borrowers need mid FICO credit scores of 700 or higher, and the couple’s mid FICOs were just shy of that.
We quickly ran what’s called a Rapid Rescore for the borrowers. This fee-based service is provided by the credit reporting bureaus. Their software assesses which credit lines to pay down in order to achieve a better credit score. With this information our couple paid down an American Express card, and we submitted proof to the bureau in question, which rescored the couple.
With their new FICO score that was higher than 700, we were able to lock in the new low rate and close their loan in 18 days.
