I know that everytime your credit report is pulled it affects you, but can it hurt me if at least three quotes. I am trying to apply for a home loan, and very unclear about a lot of things.
2007-03-23 15:50:28 · 3 answers · asked by Mariposa13 3 in Business & Finance ➔ Credit
You have, under Federal law, up to 14 credit pulls for a mortgage within a 30 day period. In other words, you will be hit with approximately 3 points total. Why? The Federal government realizes the dream of owning a home and has implemented this law to help you find the very best for you and your family.
Mortgage Brokers have access to many avenues to get you the mortgage you can live with. Use a local company because many of the on-line companies will "hit" you with a "brokers commission" not required to be disclosed on the GFE, Good Faith Estimate, and can be $1200 or more. A local company will meet with you and go into detail all expenses involved.
Remember, if you get a loan with no "closing costs" your rate of interest is higher. A rule of thumb, if you can save enough money with a lower interest rate to pay for the "closing costs" within 3 years, pay the "closing costs" or have rolled into the loan if the appraised value allows. Also, most homeowners, especially builders, will either pay all or a percentage of "closing costs".
IT IS A BUYERS MARKET THROUGHOUT THE U.S. YOU HAVE THE ADVANTAGE AND WILL HAVE NEXT 12 TO 18 MONTHS.
2007-03-24 03:46:30 · answer #1 · answered by Bruce T 5 · 0⤊ 0⤋
FICO takes into account that consumers are shopping for the best deal. If the reports are pulled from the same bureau within a 14 day period, your score will not go down any lower than it would if you only pulled one inquiry. Mortgage inquiries made within the last 30 days are ignored on your score. (Some for auto loans.)
2007-03-23 16:11:02 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
it depends upon the bank in which you are applying for....
2007-03-23 15:54:29 · answer #3 · answered by preethi r 1 · 0⤊ 0⤋