Ever wondered exactly what is behind an underwriting decision? Or why some borrowers sail through underwriting, while others struggle? Knowing the 5 C’s of credit will help you understand just what a lender is looking for.

RE-PULL A CREDIT REPORT AT THE CLOSING TABLE? Starting with new applications as of yesterday, 6/1/10, Fannie/Freddie are requiring that lenders pull a final credit report just prior to closing. If a buyer’s credit scores have lowered, new debt has occurred, etc, then this could stop a closing in its track.

Now more than ever, your credit score can ‘make you’ or ‘break you’. Credit scores are essential when you are looking to buy a home, get a mortgage, buy a car, insurance, and even help determine the interest rate you pay on your credit cards. You cannot ignore your credit score!

For real?? Yes, your 720 credit score may not be all it’s cracked up to be. To get a home loan, your mortgage lender have to validate your credit.
So you’ve been told you have great credit and to focus on your number, whatever that might be and then I jump in and tell you that 720 you’ve worked so hard for just might not cut it anymore? What’s up with that?!? I know, it’s next to impossible to catch onto this moving target out there known as your credit score.