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hicksed0 · Joined: 26 Nov 2009 Posts: 1 1.31 Dollars($)

getting ready to close mortgage refinance and my credit score jumped up 50 points and they are delaying now because they dont know why, why would they do this?

savior70 · Posted: Thu Nov 26, 2009 4:54 am Post subject:

Hi hicksed,

It's good that your credit score has gone up 50 points. But I'm not sure what's causing the delay in closing. If your income, employment, etc. have been verified, there should not be any further delay in closing. Have you talked with your lender regarding this? What does he have to say about this delay?

JKennedySLG · Posted: Tue Dec 01, 2009 10:29 am Post subject:

Are you being offered a better interest rate now that this has been discovered? Sounds as if they are going to re-underwrite this file, which would cause the delay. If you haven't added any liabilities or debts to your credit then you should not have any issues, but you should ask about a lower rate based on this discovery. I hope this helps...

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

Exactly my thoughts. If you are suddenly a better credit risk, you should reap the benefits of this. you can be certain that if they found your score had DROPPED 50 points they'd be reconsidering the situation.

gmakerley · Posted: Wed Dec 02, 2009 10:03 am Post subject:

i can't imagine a reason to re-underwrite with an increase in credit score. and i absolutely agree that you ought to reap the benefits of that score with a better rate, if it falls within those guidelines.

other than the inconvenience of pulling your loan, you might want to do that if it'll be beneficial.

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refinance?