Refi Mortgage question

[hockeyprincess]

When you are considering refinancing your mortgage, do you pull your credit report with scores before going to the bank, to check for any errors? If you do, do you pull from all 3 bureaus or is 1 sufficient?

If you do not, why?

We're refinancing in about 6 weeks and I want to check everything out before we go to the bank. I am pretty sure everything is kosher, but just want to be sure. I do pull all 3 reports annually for free but it's been about 6-7 months since I pulled last.

 

[Bren's Mom]

If you pull annually and 6-7 mos ago there were no problems on any of them I wouldn't worry about it unless you've had any recent fraudulent activity on your cards or anything else 'off'.

 

[kathie859]

Hi, OP...

I am an mortgage originator for a large midwestern bank and have been in the mortgage business for several years. Most lenders will pull a minimum of two credit scores and use the lower score for underwriting and qualification purposes. My bank (and some other lenders) pull a tri-merge report and use the middle of the three scores.

A side note---sometimes the scores that an individual is given is not the score that is given when the lender pulls the report. I have seen several instances where the score the individual had was "off". So don't give a lot of stock to the scores that you get yourself.

 

[hockeyprincess]

Hi, OP...

I am an mortgage originator for a large midwestern bank and have been in the mortgage business for several years. Most lenders will pull a minimum of two credit scores and use the lower score for underwriting and qualification purposes. My bank (and some other lenders) pull a tri-merge report and use the middle of the three scores.

A side note---sometimes the scores that an individual is given is not the score that is given when the lender pulls the report. I have seen several instances where the score the individual had was "off". So don't give a lot of stock to the scores that you get yourself.

Good to know!! Credit reports plus scores are expensive and I really didn't want to purchase all 3 but would if necessary. The bank is going to check it anyway, so might as well let it be. Everything was A-OK several months ago and I have no reason to believe anything will be any different now. Just don't want any surprises, we have a 5 year ARM that is going to adjust this summer, so I want to get the refi done by then. Acutally at this point our interest rate would go down some, but only lock for a year, I'm just not comfortable with that right now. Would rather get the fixed rate and be done with it. Also taking several years off the loan itself, so SUPER happy about that!!