Many mortgage borrowers are concerned if their credit scores drop during the mortgage process. When a borrower applies for a home loan and they already have an executed real estate purchase contract and are about to begin the mortgage process, the mortgage loan officer will pull their credit. The credit the loan officer pulls is called a tri-merger credit report where the borrower has three credit scores from each of the three major credit bureaus: Transunion, Experian, and Equifax. The lender uses the middle of the three credit scores and that is the credit score that is used to qualify the borrower. That credit score is valid for 120 days and will be the credit score used throughout the entire mortgage process until the closing of the loan. Unfortunately, if the credit scores go up, it does not matter and on the flip side, if the credit scores drop, the borrower has nothing to worry about. Credit will be pulled prior to a clear to close but it does not matter if the credit scores drop as long as the credit report is not longer than 120 days. Here is a mortgage blog article post on what happens if credit scores drop during the mortgage process that was written by Bob Vogel, senior writer for Gustan Cho Associates, www.gustancho.com and contributing editor for Credit Fix Advisors, www.creditfixadvisors.com and published on Credit Fix Advisors Informational Center. Bob Vogel is a licensed mortgage loan originator for MLD MORTGAGE, INC. dba THE MONEY STORE, a antional full eagle mortgage banking company headquartered in Florham Park, New Jersey. Here is the link to the article  http://www.creditfixadvisors.com/credit-scores-dropped-during-underwriting.html

There are many benefits to own a home rather than rent. Most renters think that they need tons of money to put down on a home purchase. This is not the case at all. All you need is to put down 3.5% down payment for a home purchase with a FHA Loan. Conventional Loans only require a 3% down payment for first time home buyers and 5% down payment for most home buyers on a conventional mortgage loan. Here is an article that was written by Illinois real estate agent Julie Hayward about Reasons To Own Rather Than Rent and published on Gustan Cho Associates Mortgage Information Center Website, www.gustancho.com. Here is the link to the article written by noted author Julie Hayward

 http://gustancho.com/reasons-to-own-rather-than-rent-by-julie-hayward