Everybody who makes the leap into buying a home, especially first-time homebuyers, and even those who already own a home and are looking to improve their mortgage must eventually confront the pre-approval process. That means a mortgage application and a credit inquiry, also known as a hard credit pull.
Would it surprise you to know that this is a MAJOR stopping point for some? Even before they really even started. And the reason is because many have become conditioned to think that even a single credit inquiry will send their perfect FICO scores into a … (3 comments)
Nope, nope and nope. None of these are the #1 question we get before a prospective borrower makes an application for a pre-approval. So what is the most asked question?
"Will making a mortgage application hurt my FICO score?"
Yep, that's it. That's the one that keeps some otherwise strong and qualifiable buyers on the sidelines and paralyzed by the irrational fear that simply by having a lender make a hard credit inquiry, and access their Equifax, … (6 comments)
I think I've made it clear before that I find no shame in talking about how hard we work for our clients. My assistant, Debbie, and I see a good number of mortgage applications come across our desks every week and in 2018, 60% of them have been for jumbo home loans, which means that our borrowers must demonstrate strong credit depth by way of an adequate number of tradelines on their credit report. Gone are the days when one could just have a decent FICO score in order to cross … (3 comments)
It goes without saying that the mortgage process is in some ways more complicated and unforgiving than ever. It also bears mentioning that there remains a handful of home loan professionals who have embraced these modern day challenges and found legal and ethical ways to shepherd their clients through the storm to the Promised Land of the best mortgage terms possible. I like to count myself in this group. Making home ownership possible, or lowering the cost of same, is perhaps my greatest professional satisfaction, and I have a sense of responsibility to provide … (23 comments)
Does Shopping for a Mortgage Hurt Your Credit?
;)
;)
;)
