Posted by Ed Garcia on January 10, 2001 at 16:50:49:
Karen,
Most National Mortgage Companies prefer loans $40,000 and above. Now don’t get me wrong, there are exceptions, but that’s the preferable minimum. Loans under that amount are best shopped to local portfolio lenders.
Inquires, take 3 to 5 points off of your credit score.
Ed Garcia
Question for Ed - Posted by Karen
Posted by Karen on January 10, 2001 at 13:02:18:
I noticed an answer you gave to Tammy concerning a mortgage amount being too small? Is there an amount that most lenders won’t do? Does this also come into play if your are attempting to re-finance a small amount? Also when different lenders check your credit how bad a hit does the FICO scores take?