Comments on: How does your FICO score affect the mortgage rate http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/ A site to share my tips, tools, and humble thoughts on the journey to wealth Sun, 02 Oct 2011 19:26:45 +0000 hourly 1 http://wordpress.org/?v=abc By: Frugal http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2583 Frugal Thu, 15 Mar 2007 07:35:30 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2583 That's a question for a real mortgage originator. That’s a question for a real mortgage originator.

]]> By: John http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2556 John Sun, 11 Mar 2007 17:36:15 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2556 How far back do they check in order to classify an applicant as A1, A2 etc? Do they go back 2 years, 7 years, or more? Thanks. How far back do they check in order to classify an applicant as A1, A2 etc?
Do they go back 2 years, 7 years, or more?

Thanks.

]]> By: Frugal http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2535 Frugal Tue, 06 Mar 2007 11:50:00 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2535 Thanks NetWorth. There was no way that I could figure that out by myself, :). Thanks NetWorth.

There was no way that I could figure that out by myself, :) .

]]> By: NetWorth http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2527 NetWorth Sat, 03 Mar 2007 14:53:16 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2527 A1 (0 x 30) means that a prospective home buyer has not been late on any payments by more than 30 days. A2 (1 x 30) means that a person has been late 1 time by more than 30 days on a loan payment. B1 (3 x 30) means that a person has been late 3 times by more than 30 days on a loan payment, and so on. The key number to look at is the "0 x 30", "1 x 30", 3 x 30", and so forth. This helps the lender classify a propsective home buyer. The A1, A2, B1, B2, C1, and C2 titles simply give the loan a classification and a name. Think of it like the bond market. A-rated bonds are lower risk than B-rate bonds. This system is used in the mortgage industry as well, in a similar way. I hope that clarifies the left-column of that document. I noticed that you were curious what they meant ---- and my mortgage broker wife was able to enlighten me as well! Thought I'd pass on the information! :) -NetWorth http://www.networthchallenge.com A1 (0 x 30) means that a prospective home buyer has not been late on any payments by more than 30 days. A2 (1 x 30) means that a person has been late 1 time by more than 30 days on a loan payment. B1 (3 x 30) means that a person has been late 3 times by more than 30 days on a loan payment, and so on.

The key number to look at is the “0 x 30″, “1 x 30″, 3 x 30″, and so forth. This helps the lender classify a propsective home buyer. The A1, A2, B1, B2, C1, and C2 titles simply give the loan a classification and a name. Think of it like the bond market. A-rated bonds are lower risk than B-rate bonds. This system is used in the mortgage industry as well, in a similar way.

I hope that clarifies the left-column of that document. I noticed that you were curious what they meant —- and my mortgage broker wife was able to enlighten me as well! Thought I’d pass on the information! :)

-NetWorth
http://www.networthchallenge.com

]]> By: Skip http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2492 Skip Fri, 23 Feb 2007 14:24:28 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2492 @ Mike: Have you tried <a href="http://www.penfed.org" rel="nofollow">PenFed</a>? They won't screw with you, and anyone can join this credit union via the NMFA organization with about a $25 donation. Here's a thread on <a href="http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=540981" rel="nofollow">Fatwallet.com</a> with people explaining their experiences with Penfed's HELOC product. Seems like decent experiences overall. @ Mike:

Have you tried PenFed? They won’t screw with you, and anyone can join this credit union via the NMFA organization with about a $25 donation. Here’s a thread on Fatwallet.com with people explaining their experiences with Penfed’s HELOC product. Seems like decent experiences overall.

]]> By: Mike http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/comment-page-1/#comment-2488 Mike Thu, 22 Feb 2007 07:00:40 +0000 http://www.1stMillionAt33.com/2007/02/how-does-your-fico-score-affect-the-mortgage-rate/#comment-2488 This is a great topic for me as I am currently trying to "shop" for a loan. It is very tough to compare Apples-to-apples. I have excellent credit, but it seems no lender is passing on the savings back to me. I always try to hide my credit score, telling them something else lower, and it seems it doesn't make any difference to the quoted rate. Do you have any website that lenders are genuinely dropping their commissions/lender's margin to offer a great loan product?? Anyways, recently took a look at my credit report. Both TransUnion & Experian gave me identical scores. And, their highest credit category is called "Super Prime". Whatever that means.... And, Equifax gave me a FICO score. FICO is now a registered trademark of Equifax. How silly! Anyways, FICO was the lower of the 3 numbers. The difference was 61 points. This is a great topic for me as I am currently trying to “shop” for a loan. It is very tough to compare Apples-to-apples. I have excellent credit, but it seems no lender is passing on the savings back to me. I always try to hide my credit score, telling them something else lower, and it seems it doesn’t make any difference to the quoted rate.

Do you have any website that lenders are genuinely dropping their commissions/lender’s margin to offer a great loan product??

Anyways, recently took a look at my credit report. Both TransUnion & Experian gave me identical scores. And, their highest credit category is called “Super Prime”. Whatever that means…. And, Equifax gave me a FICO score. FICO is now a registered trademark of Equifax. How silly! Anyways, FICO was the lower of the 3 numbers. The difference was 61 points.

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