A few weeks ago I posted the blog below about Important new rules that could severely affect buyers and sellers. Today one of our associate brokers reported that a client's credit was re-pulled a couple days before closing with the new rules that went into affect June 1st.... Just 1 little slip up caused a chain reaction that affects a heck of a lot more than just the buyers credit score! The wife missed a $10 payment to Ann Taylor which caused her score to drop by 100 points. Since the credit score was now lower, the buyers no longer qualified for the same interest rate. Now the buyers interest rate would be .25% higher than they'd expected or to keep the old rate they would have to pay $4700 in higher fees. So now they have to wait to close since the APR(Annual Percentage Rate) will ...
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