HOW DO INQUIRIES AFFECT YOUR CREDIT SCORE
Whether it is buying a home or selling a home, CondosDeal.com always represents clients’ best interests. Arranging finances when buying or selling a home can be a headache and it is quite the work to shop around for different mortgage rates that meets your needs and lifestyle. The more you shop for a mortgage rate, the more your credit is getting checked by different institutions, but does that affect your credit score?
Your credit score is a rating, based on a statistical analysis of your credit files and history which allows the lender institution to have an idea of the likelihood of you to pay you debts back in a reasonable time. Generally, the credit system is aware of when people are just shopping for different mortgage rates and does not penalize your score.
It is important to realize that lenders may review your credit shopping history which may affect your credit score. An example go this is the evidence of many recent inquires that can make a lender question the approval of your financing request.If lenders assume you have been approved for all the credit you have recently applied for, they may believe some of it has not yet been reported and think you have more debt than you really do. Another possibility, is that the lender may assume you are a high risk borrower. It may be also be perceived that the client has been declined for the credit applied for and get cold feet.
Either way, it is wise to space out your applications for credit rather than apply for everything all at once. My advice is to choose a Mortgage Broker that you feel most comfortable and confident with and allow them to shop around on your behalf.
At Century 21 Leading Edge we have several fantastic Mortgage Brokers that may assist you. All you need to do is ask me!
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