Credit Scores and Reports
How Long is My Credit Report Good For?
Credit reports expire 90 days from the date the credit report was pulled, this is for both purchase and refinance transactions. For construction and construction-to-permanent financing a credit report is valid for 120 days. This is important to keep in mind as often the time-frame from the day of credit pull to the day of the transaction's closing can easily be over 90 days.
In many cases a new credit report pull will not alter a mortgage approval, but it is possible to have a credit score go from great to not-so-great, or in a worse case scenario, the credit score could drop to a point where a mortgage approval is not possible.
Additionally, if a credit score drops, than the loan can suddenly become very costly. This is not necessarily a lender charge, but a pass-through charge from Fannie Mae.
There really is no substitute for a sound education in the credit scoring model. Those who take note ahead of their mortgage approval to restore and maintain their credit will save $1,000's, even $10,000's in interest and fees.
For additional information regarding credit scoring and credit restoration, take some time to read through the articles below. As always, if you have any questions feel free to send an e-mail or call!
Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:
- NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
- NJ Reverse Mortgages
- All aspects of purchase and refinance mortgages up to and over 100% of the home's value
- Home renovation loans for refinance or purchase
- Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more
Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail