My wife and I are considering building/buying a house but are unsure how our individual credit scores will affect us in procuring a loan. My score is 678 and my wife's is 824. Can you please give me a general sense as to how we will be viewed by lending institutions with these scores?
It can't really be said what type of terms you'll be offered based on your scores. While these sound promising, in today's economic environment lenders are bumping up their requirements. Go to more than one lender. You are interested in the costs of the loan and the same score at two different lenders can result in very different costs for the loan.
When at your lenders office, or on the phone or web, what you want is a Good Faith Estimate. They will give you that within three business days of submitting an application. With this GFE you'll see what rate they want to charge you in addition to points and other fees. This will help you find the best deal for you.
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It can't really be said what type of terms you'll be offered based on your scores. While these sound promising, in today's economic environment lenders are bumping up their requirements. Go to more than one lender. You are interested in the costs of the loan and the same score at two different lenders can result in very different costs for the loan.