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what Mortgage company and Why?
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
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That Led To The Wrong Tendencies
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Re: what Mortgage company and Why?
Posted by Century 21 Dallow - Christine Braun
However, it is true that when a mortgage lender runs your credit, it is more of a "soft inquiry" than when other types of entities run credit (e.g., when you apply for a store credit card). So it really shouldn't affect your credit in any significant way if you comparison shop among a few lenders. I mean, if you go to 25 banks in a 2 week span, that will have an impact, but reasonable shopping around shouldn't.
This is incorrect on both points, applications for mortgage are considered hard inquires and will probably result in 2-3 point drop in score. If you are "mortgage shopping" and have a few similar mortgage inquiries from different banks within a short period of time, it shouldn't drop your score much more as they get consolidated.
Soft inquiries are only used for stuff like identity verification, reviews of your credit to send you promotional offers (like all those credit card applications in the mail) or when you check your own credit.
Message edited 11/14/2013 2:19:09 PM.
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Posted 11/14/13 2:18 PM  |
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Prudential Douglas Elliman Real Estate
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mrsanonymous
LIF Adolescent
Member since 6/12 828 total posts
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Re: what Mortgage company and Why?
My mortgage is with PNC due to competitive rates, ability to finance 90% LtV with no PMI, no hidden fees. The guy I worked with was older and slow but we had a complex situation and he got it done...eventually lol
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| Posted 11/15/13 4:19 PM |
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