Posted on: 29th Jul, 2009 06:19 pm
Hi!
I am hoping to move into my first home soon! I want to try to get a pre-approval now so I can confidently shop around for a home. But, my credit report had one error and two other items that have been recently cleared--so my credit will take a few months to get to the score I would like it to be. If I applied for a preapproval now, I'd be paying a higher intrest rate & higher down payment because of the credit risk.
If I am preapproved now to begin shopping around, what happens if my score increases by the time of the closing? Can the loan terms be changed to my benefit (better credit score/lower down payment)?
Thanks in advance for any advice!!
I am hoping to move into my first home soon! I want to try to get a pre-approval now so I can confidently shop around for a home. But, my credit report had one error and two other items that have been recently cleared--so my credit will take a few months to get to the score I would like it to be. If I applied for a preapproval now, I'd be paying a higher intrest rate & higher down payment because of the credit risk.
If I am preapproved now to begin shopping around, what happens if my score increases by the time of the closing? Can the loan terms be changed to my benefit (better credit score/lower down payment)?
Thanks in advance for any advice!!
alissavino
Welcoem to the forum
I do not think this shoudl be an issue.
Before closing the lender will check your report again to ensure that it has not changed. That will for sure help
Good luck and feel free to ask
Welcoem to the forum
I do not think this shoudl be an issue.
Before closing the lender will check your report again to ensure that it has not changed. That will for sure help
Good luck and feel free to ask