mortgage application - Posted by Paul

Posted by jack on March 02, 2002 at 18:17:07:

Fico is from 400 to 950.
Anything above 620 will get you a normal “A” mortgage.
Above 680 or so, depending on the specific lender, will get you approx 1/4 point reduction in Fee,(NOT interest rate). So 620 is the magic number.

mortgage application - Posted by Paul

Posted by Paul on March 02, 2002 at 09:14:52:

Hello I am looking at applying for a mortgage for my first house purchase and am wondering if I apply at several mortgage brokers at one time, will this effect my credit rating. TIA
Paul

Re: mortgage application - Posted by Paul

Posted by Paul on March 05, 2002 at 12:12:10:

Thanks for the responce I think we have good credit with a 7.5 rating but we’ll see.

Re: mortgage application - Posted by Jeff P

Posted by Jeff P on March 02, 2002 at 19:45:01:

Paul,
If you would like some mortgage application advise free of charge, give me a call at 401-734-9940 ext 104. I arrange mortgages for a living, and would be happy to lend an un-biased opinion. I am only licenced in two states, but the rules of the game are pretty much the same across the country.
I would be happy to assist. I will also be at the convention, if you want to meet up there.
Best of Luck,
Jeff

Re: mortgage application - Posted by Chris [FL]

Posted by Chris [FL] on March 02, 2002 at 17:39:54:

I was told by a credit reporting company that your score will not be affected by several different lending companies pulling your credit file within two weeks of each other. There is leaway given in the scoring system for this very reason. The people that wrote the scoring system figured that most people apply at several different places when buying a home to try and get the best rate. So, it doesn’t matter how many lenders pull your credit as long as it is with-in a 2 week time period.

Re: mortgage application - Posted by RC

Posted by RC on March 02, 2002 at 13:27:06:

If you allow several brokers to pull your credit report it will effect your score - if you intend to go to several you should have one set of reports pulled from the three major bureaus and provide a copy to each broker - they must have the FICO scores in the reports.

Re: mortgage application - Posted by Terence

Posted by Terence on March 02, 2002 at 17:31:38:

Whats a good fico score ?