Question about credit scores and home mortgage?

Deal Score0

I got my 3 credit scores from those 3 bureaus and they are 772 786 and 796. I am about to apply for a home mortgage and try to get pre approved. I have good credit now, would it matter if I waited for a bit and tried to get scores of 800 or more, would that make any difference in any rates I approved for???
These are real scores sent by the mortgage lender. First part of app was authorizing to a credit check, I did that, have not begun the real app yet but they sent me my scores through the mail .

  1. Reply
    curious me
    February 13, 2014 at 11:28 am

    Do it now. Your scores are good now. Use it.
    Also, do not apply for any more credit – cards, auto loans, etc. Even if the cards are at zero, they could be seen by lenders as potential debt.
    Good luck to you and happy house-hunting.

  2. Reply
    Calvin C
    February 13, 2014 at 11:58 am

    the biggest issue is the score you can get have nothing to do with what a lender gets. We get our scored based upon a formula we want and they have to be bought. Any score you can get whether free or you pay is not the same, ever.

    From 780 to a perfect score of 850 you are only going to save an 1/8 at most so waiting if you really want a house is not worth it because the reality of getting to 850 is like reaching saint hood in the catholic church.

    Forget preappoval any idiot can be preapproved underwriters are the gods of mortgages. your total debt service per month cannot exceed 35% of gross (pre tax income) to get the best rates. You can stretch to 42% but it will cost you.

    Using 35% use an amortization program to reverse calculate what you can buy be sure to leave an allowance for taxes and insurance as they are part of the formula and if you do not have 20% down figure another 3% of payment per month for PMI.

  3. Reply
    February 13, 2014 at 11:59 am

    Exactly where did you get the scores? All three credit bureaus no sell consumers non-FICO scores that are on a different scale. Mortgage lenders will be using real FICO scores. My guess is that your real FICO scores are lower.

    In any case, FICO scores of 740 or more get the best interest rates. Anything over 800 is just bragging rights. There really is no reason to wait for your score to go over 800. It could take 5 or more years to go those last 20 points.

  4. Reply
    stan c
    February 13, 2014 at 12:00 pm

    If you’re employed at least 3 years or more with a decent income, you should be between 750/840 which is excellent and that will give you the lowest rates possible. Also try to go for a 15 year rather than a 30 because if you go the 30, it will take over 20 years before you see more principal than interest. On a 15, there will be a different on the first payment.

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