One of the most stressful calls I get from buyers in the middle of a transaction goes something like this: their loan officer has just told them their credit score dropped — and now their approval, their rate, or their private mortgage insurance eligibility is in question. Closings have been delayed, and in some cases derailed, because of a score change that the buyer didn’t see coming.
Here’s what you need to know about why credit scores drop during a mortgage transaction, what happens when they do, and how to protect yourself. [Read more…]
