Credit Score Tips For Mortgage Shoppers
News from The Mortgage Reports:

“Don’t Check My Credit!”

It’s common for mortgage rate shoppers worry about “multiple hits” to credit while shopping for a mortgage. It’s a misplaced worry, however.

Since the mid-1990s, credit scoring algorithms have been reworked to encourage you to shop for low mortgage rates. Low rates equals lower payments and that’s good for everyone. 

Click here for get today’s mortgage rates.

You Have The Right To “Shop Around” For A Mortgage  

A “credit inquiry” occur when a mortgage lender, credit card company or other financial service provider pulls your credit scores prior to approving a loan or issuing new credit. Based on credit scoring models, most types of credit inquiries will lower your credit score.

Mortgage-related credit inquiries, however, are treated differently.

According to Fair Isaac Corporation (FICO), which developed the credit-scoring model most frequently used by mortgage lenders, mortgage-related credit inquiries don’t have the same negative impact on a credit score as, say, a credit card applicant.

This is because mortgages are “good credit” and the bureau…………… continues on The Mortgage Reports

… Read the full article

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