Are You Going To Pull My Credit- A Mortgage Secret You Need Know – Boston Mortgage Globe

Dun, dun, dun, oh no! Are you going to be pulling my credit? As a top producing loan officer you bet I hear that phrase a lot. But pulling your credit score doesn’t have to be scary. There are a few secret to taking action on your credit score to help you get the best rate available.

Credit score or FICO score: The FICO score is a representation of your past ability to make payments on time and manage your credit. A credit score of above 720 is considered fantastic and lenders will usually offer the best rate. A score of 675-719 is considered average. You may not get the lenders best rate, but you can secure a loan usually with no difficulty. A score between 620-674 is below average, but it doesn’t mean you can’t get a loan. Those who apply for a loan with below average credit will usually pay a higher interest rate on their loan and are somewhat less likely to get approved.

Here’s a secret most people don’t know: once you’ve applied for a loan, you can only fix errors on the report. But by having your credit pulled before you start looking for a home loan, you have the opportunity to take action on outstanding items to increase your score and hopefully get a better interest rate.

Action items include: paying off a credit card, paying down debt and even taking up more credit that could increase your credit scores.

If you want to know more about credit mortgage secrets that can help you get an optimal refinance or home loan, please contact me directly.

Phil Ganz (117 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317


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