Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Stacy Himley from Guaranteed Rate. In this episode, Stacy explained why the credit score pulled by the bank may be different than the score pulled from online websites . You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com Her office is located at 304 4th St Brookings SD, 57006 or on the web at www.Rate.com/StacyHimley
Credit Score Variances
- Hey, good mornin', everybody. Shane here, from the Brookings Home Team, Powered by Century 21. It is a cold Monday, 8:15 in the morning, and I thank Stacy for coming in on this cold, snowy day. Hope y'all had a good weekend. And guess what, I forgot to shut that off, so let me do that real quick. There we go, never fails. Alright, that's what happens when you go live. So, 8:15, Monday morning, and Stacy here, from Great, or Guaranteed Rate.
- It's great, too
- It's great, too, yeah. Guaranteed Rate to talk about this morning's Monday Morning Mortgage Tip.
- Okay, so, today, we are gonna talk about credit scores,
- or FICO scores, or things, people call it different things, it's your credit score, basically. I've had lot of questions lately on, well, my Credit Karma says my rate or my score is this, or my Discover statement, or my whatever. And so, my suggestion to people always is sometimes they're accurate, and sometimes they're not. And it can go both ways, we see it both ways. Sometimes what you think your score is when you come in to apply for a mortgage, it's a little lower, or it's a little higher. I had somebody last week, and she said, "I don't know, I think I'm about a 620 maybe." And I said, well, okay, well, let's just do an application and find out. She was a 726, so,
- that's a big difference.
- And sometimes people just don't know. So, when you apply for a mortgage loan, we pull a tri merge or a tri credit report from all three bureaus. So, we take the middle score of each borrower, take the lower of the two, that's how everybody does it. You don't get to pick and choose and say, well, my spouse makes more money, but I have a higher credit score. It doesn't work that way, so you just have to take the middle score, that's what's determined for rate adjusters. Some programs have a minimum credit score, but my tip to you is don't always take what you're getting on an app or on a statement that, a free credit report, basically, as gospel, 'cause sometimes they're way off, so.
- Yeah, you just never know when they've been updated or anything like that, too, so.
- Well, and there's no risk when you're getting your own score. So, when a lender pulls, there's a risk grade associated with that, and so, it might, we have a higher grade that you have to qualify for for a mortgage loan, for instance. It's a 30-year commitment, typically, versus when you apply like for a car loan
- that's maybe a short term. So, those things are different sometimes, too.
- Perfect, alright, good information. That is today's Monday Morning Mortgage Tip. Thank you, Stacy, for that
- Thanks for havin' me.
- You bet, and we will not be here next Monday, but the Monday after, so two weeks, I think it's the 17th
- That's gettin' close
- of December.
- to Christmas
- It is, yeah. We'll probably do one more this month, and then it's Christmas and New Year's, so.
- That's it, yeah.
- Only a couple here for the month of December, but thanks everybody for watchin'. So, if you know of anybody that you think would benefit from this video, please feel free to tag and share them in this. And if you have any questions for myself or for Stacy, please direct message us, comments in the section here, or whatever it takes to get ahold of us. We'd be happy to answer you privately or on our next episode here. And you can get ahold of Stacy on the top, on the bottom, on the sides, wherever your device allows you to see that information. I'll have all of her stuff there for ya. Thanks again for watchin', stay warm. Congratulations to the Jacks on a playoff win here. They're movin' on again, so congratulations to them. And you guys have a great week, we'll see ya in two weeks. See ya later.