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Rates are flat today. Today’s rates with no lender fees are 3.375% APR on a 30 year, 2.75% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)
So you want the best possible deal on your mortgage, right? But you don’t want multiple lenders to pull your credit because you think it’s going to drop your credit score.
Check it out in today’s video:
Am I right? I know I am. I hear it all the time. “Don’t have them pull my credit, I have great credit.” Sure you do! Until your lender actually pulls your credit and it’s a 690 score.
That’s when the missed payment amnesia comes in to play or the elaborate excuses to explain how you co-signed for your sister’s boyfriend who bought a boat and then got laid off. Right?
Truth is, guys: It doesn’t matter. What’s done is done. And even if you don’t have any credit mishaps, your potential lenders will need to pull your credit anyway to give you the most accurate quote they can.
And the great thing is, the credit agencies encourage you to shop around to get the best possible deal. You actually have 14 days to shop lenders and have them pull credit and they will ALL fall under the same credit inquiry.
A mortgage inquiry can hit your score around 5 pts when shopping for a mortgage. This is not a bid deal. However, make sure you do your credit inquiries within that 14 days to make sure you only get dinged once.
So don’t refuse having your credit pulled. It is a necessity when applying for a mortgage. Anyone that says they can give you an accurate rate quote, without pulling your credit, is simply guessing.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.
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