This is a YouTube video titled "Ep 105 🚨 Waiting to Rescore Credit vs Buying Now 🚨" featuring Derek McGowan discussing the strategy of waiting to improve credit scores before applying for a home loan. He explains the potential trade-offs between waiting to boost credit and rising interest rates, providing mortgage advice on timing home purchases. The content is from October 14, 2021.
Many people have the idea that they want to wait to get a home loan before they fix their credit. And that makes perfect sense on the face of it. The idea there is they want to boost their credit score to drive a lower interest rate. And usually that shaves off maybe an eighth or a quarter on the interest rate. But most people are going to need four, six, eight months or so to do that. And the consensus is rates will be up by about a half percent by then. So they might put all this effort and time in paying down balances to save an eighth or a quarter on their rate as the whole entire market goes up a half percent. And as you see, at the end of the day, when the dust settles, they really don't save. So another way to look at it from a mortgage advisor, that there.
