Credit Access Today!

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    We went to our Credit Access meeting today, and we were well prepared, so it was pretty painless. I have a few documents to upload and we’ll be good to go. Some things I learned:

    1) You may, as we’ve heard before, get asked for things you’ve already submitted. Having known this and had a good way to have it organized (in my Sent email box on my phone, with each item I sent in as the title of the email) made it super simple to resend things my MC couldn’t immediately lay hands on.

    2) Our rate locked the day we got our first Loan Estimate Disclosure (so we’re in at 3.25% before buydown… the 3% of the last two days sure looked nice, but it’s still an awesome rate.

    3) The 0.5% rate reduction for those under 80% is still in effect in certain zipcodes, and you basically don’t know until you hear back from BOA. If you’re under 80% and not in one of the zipcodes, you CAN buy down all the way to 0.125%. If you get the 0.5% reduction, you can ONLY buy down 5 points for a total maximum rate reduction of 1.75%

    4) When an MC leaves, there’s no relief for those left to pick it all up. Your MC is almost certainly doing their best, regardless of the circumstances or how it seems from the outside, and they really cannot spare extra “comfort” communication. You should leave each meeting with an exact understanding of what comes next, and you should only need to hear from your MC when something changes or you meet the next step.

    5) Be nicer to everyone than you have to be. I listened to the office answer at least three dozen phone calls, all from frantic Members, and the ones who treated the staff like people got the help they wanted, and the ones who were disrespectful got more than they deserved anyway, but the difference is huge.


    Well said. Congratulations


    Congrats so awesome! I’ve been waiting for an update from you. We also are going through getting credit access approved finally. You made really good points and I couldn’t agree more with about having all documents readily available.

    We submitted all of ours except they need employment verification…again. So hopefully that gets dealt with soon.

    Your point about number 5 is true. Though I think it’s sad so much work is put on MCs making everybody’s job harder. An MC was very rude to me via email, for no reason, but I still responded kindly because I did think about the rude calls or complaints they must be dealing with. All the same I think MCs should not let out their frustrations on the innocent. They did end up responding more kindly. It put a sour taste in my mouth though.

    I continue to hope for you a smooth process.


    I also learned that not getting the 0.5% rate reduction would save us a lot of money since we could buy-down further without it, so I’m hoping somehow we’re rejected.. Such a weird thing to be saying, but there it is.

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