Do You Need To Know What Your FICO Scores Are?
If you are on our website, most likely you are looking for a mortgage. Hopefully you can see that we try to offer the lowest rates with the lowest fees.
In today’s mortgage lending market, it is crucial to know your 3 FICO scores when shopping/comparing lenders. Most consumers do not check their credit reports UNTIL the time comes when they are ready to purchase or refinance.
That could be a BIG mistake! Why? Because most consumers do not know the current “pricing tiers” that Fannie Mae and Freddie Mac has recently implemented when it comes to getting mortgage pricing for your individual situation.
On top of that, if there are ‘Mistakes” on your credit reports, you NEED to know way ahead of time to give yourself sufficient time to have them cleared up or better yet deleted.
Please keep in mind, consumers CANNOT check their own FICO scores through ANY website EXCEPT www.myFico.com . But the only problem now is Experian recently pulled out from myfico.com so there actually is no way a consumer can check all 3 FICO scores unless pulled by a lender.
So instead of paying $15.95 each for the 2 reports and scores from MyFico.com, we are offering anyone interested in checking all 3 FICO scores and all 3 credit reports for
ONLY $10.89 Total!!
Here is how Fannie Mae and Freddie Mac breakdown their credit score pricing tiers:
- 740+ credit score (best pricing and rates)
- 700-719
- 680-699
- 660-679
- 640-659
- 620-639
- Below 620 (cannot even get a conventional loan )
For example: If you are looking to purchase a home and you are putting down 20% and you have your credit scores pulled and your middle score is 679. Guess what, Fannie and Freddie are going to hit you with a 2.50% pricing adjustment. WOW! What that means to you is if someone had a 740 score, they could get a 30 year fixed rate at 4.875% NO POINTS. But because your score is 679, that same 4.875% will cost you 2.5 POINTS. If you were applying for a $300,000 loan, having a 679 credit score would cost you $7500.
Most consumers are not aware of these pricing tiers until they apply for a mortgage. Every lender will impose these pricing adjustments unless you go with FHA financing. But even with 20% down, you have to pay monthly mortgage insurance AND pay a one time 1.75% upfront mortgage insurance premium with FHA too.
So give yourself plenty of time, check your credit scores as early as possible (not on your own) and hopefully you have enough time to raise your scores before you actually apply for your mortgage if you fall into any of these lower pricing tiers.
NOTE: There is NO OBLIGATION to use First lenders Mortgage as your mortgage
lender.
Tip: Once you receive your FICO scores and find out your middle score, you can then
accurately compare other lenders if you so choose and prevent all the other lenders
from pulling your credit scores as well. Just inform them you already know your
middle FICO score used for qualifying and pricing.
Just fill out this form and we will email your 3 credit reports and FICO scores right to you.
P.S. Be sure to ask us about our FREE CREDIT REPAIR
|
