Approximating St Cloud Mortgage Refi Requirements

Approximating St Cloud Mortgage Refi Requirements

If you use a credit card or St. Cloud bank checking account’s online system, you may have noticed the appearance of a free service: FICO score tracking. You find it as a clickable area with a link title like “Your FICO® score” or just “FICO®.”

For many years, each of the major credit reporting agencies was mandated by law to honor any consumer’s request for a copy of their credit scores—but it was a once-a-year deal. For access to regular updates, you had to pay for a subscription. Particularly for consumers working to improve their credit scores, the paid services became a prudent monthly expense. The arrival of anytime free FICO score reporting eliminated much of that need.

Of course, tracking your FICO score is only useful if you know how the lending institutions will view it—and the answer to that is anything but clear-cut. Not only does each lender has their own confidential requirements, but since there are three separate reporting agencies, St. Cloud consumers have three FICO scores (and they’re rarely the same).

Even so, let’s face it: the single piece of information most everybody wants to know is what FICO score is needed to buy a home? or to refinance a home? Even if the answer is imprecise, it’s human nature.

To quell that curiosity, at least one source is willing to report what amounts to an average of approximations: it’s called EllieMae®. Ellie is a company that serves banks, credit unions, and mortgage companies by providing a raft of automated tools—but those are for industry insiders. As a sideline, they also put out a monthly Origination Insight Report with statistics drawn from the home loans processed through their systems—including some that most future St. Cloud home loan applicants will be interested to learn:

Average FICO score for conventional mortgage refis closed last month: 732

Average score for conventional purchases: 752

Average for FHA purchases: 681

Average FICO score — all loans: 724.

Average time needed to close: 43 days.

The percentage of mortgage refis grew to 39% of all loans, probably because interest rates decreased “for the sixth straight month” to 4.2%. EllieMae reckons that constitutes “a new 2017 low”—something St. Cloud refi and home loan applicants will be interested to know!

Those bargain basement interest rates continue to create a terrific opportunity for St. Cloud real estate. Call me for a no-obligation discussion about how you might take advantage of the current real estate environment!


Five Locations To Serve You! 

St. Cloud (320) 259-4554

Litchfield (320) 298-1140

Hutchinson (320) 455-9127 

Milaca (320) 983- 3555

Maple Grove (763) 565-2000


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Phone: 320-980-3100
Dated: November 29th 2017
Views: 38
About Noel: Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten ...

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Dave Olson
550 25th Avenue North
St. Cloud, MN
320-266-0031


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