Know Your Score
The Idea: Your mortgage rate is based on the mid score of a three repository merged credit report. Procure your own "Three Bureau Report" to know your three scores before making an application with a lender or shopping for a home. Knowing your score puts you in the driver's seat.
How it Works: To get started, click here to check out "Three Bureau Credit Report & FICO Scores" on Experian.
Easy Next Step: Purchase a Three Bureau Credit Report to identify your mid score. Since you are purchasing a credit report, vs. applying for a loan, obtaining your report and scores is not considered an "inquiry." The report you order will not impact your score. If you intend to make a joint application, the mortgage industry will use the mid score of the lowest borrower for pricing. The Experian 3 Bureau does not obligate you to a specific lender that would otherwise have you pay for a RMCR (Residential Mortgage Credit Report.) An RMCR cannot be assigned or transferred from one lender to another.
Other Benefits: Any time your score changes or an inquiry is made you'll be notified via email by Experian. Knowledge is power. The difference between a 700 and a 740 mid score can mean .125% to .25% in RATE over the life of your loan. Knowing the basics of scoring and what moves your score is something you'll want to have in your toolkit before you shop.
Question: Can I assign the "Three Bureau" report to Secure Mortgage? No, we will order an RMCR (Residential Mortgage Credit Report.) With the Experian 3 Bureau score, you'll know the mid score to support accurate terms. When it comes to building your credit file over time, knowing your score & monitoring your score is a valuable tool.
Why Would I Purchase Two Reports? An RMCR is roughly $35 per borrower. Secure uses Sarma-Meridian Link for RMCR. Sarma charges will $37.50 per borrower. I've seen borrowers make an application with Mortgage Company A based on the promise of a great rate, only to find out the rate changed with the actual mid score. Not satisfied with the new rate, (or rate when it comes time to lock) the borrower moves to company B, orders a new report to find that the score is lower based on the inquiries from company A and company B. Knowing your mid score puts you in the driver's seat before you choose a lender.
Easy Next Step: With an accurate mid score, a lender can put a borrower on the exact rate and term for a loan and provide apples/apples tradeoff tables. When we order an RMCR, we can run the automated underwriting engines by assigning the credit we pull. We can "run DU & assign existing credit" with multiple investors and agencies without impacting your mid score.
Summary: Advice like this is just one of the reasons we turn every closed loan into three referrals.