Your Credit Score and your Mortgage Loan

iStock_000013650564XSmallIt is a common mis-conception that you have just one credit score. The truth is, you have many of them. It all depends on what company is reporting the score. Lenders pull scores from a variety of sources. Even though you just checked your score, it may not be the one that the lender is using. Ask what score they pulled and where that puts you in terms of interest rates. It would be pretty awful to be one point away from a better interest rate and not know it! Zillow has an excellent explanation of credit scores here.

Many of the buyers I work with worry that shopping for a lender, and having their credit report pulled multiple times, will negatively affect their credit score. Stop worrying. Pulling your credit report for a mortgage loan is treated much differently than having your credit pulled for a credit card. Read why here.

It pays to be educated on the loan process.

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