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Credit Inquiries – Way Too Much Concern

On Friday, I blogged about the difference between consumer credit scores and mortgage credit scores: Does Credit Karma Lie To You? In that blog I pointed out why we need to run credit for every borrower and why we can never rely on the credit scores that borrowers give us verbally. In response, several agents […]Read More

6 Things I Learned From Boomers; Credit Inquiries; HOA Dues; In-Laws And Total Square Feet

Here are a few important reminders: CREDIT INQUIRIES AND CREDIT (45 DAYS) Borrowers can have an unlimited number of credit inquiries from mortgage lenders over a 45-day period, and the credit scoring models will treat it as a single inquiry. This is an extremely important reminder for our many borrowers who are very concerned about […]Read More

5 Key Credit Reminders & Misconceptions; Albert Einstein On Interest Rates!

Albert Einstein On Predicting Interest Rates (true story) When Einstein died and went to heaven, the doorman told him his room was not ready, and that he had to wait in a dormitory with others. So, he was led to a dorm and introduced to his roommates. The doorman said, “Here is your first roommate. […]Read More

5 Key Credit Reminders & Misconceptions

#1 – Consumer credit scores are not the same as mortgage credit scores. Borrowers often share their credit scores with us, as if those scores are set in stone. Those scores, however, are often generated by online “consumer” oriented scoring models that are much less stringent than the scoring models mortgage lenders employ. As a […]Read More

“Inquiries On Credit Reports” Much Ado About Nothing?

We have many borrowers who are probably overly-concerned about Credit Inquiries from mortgage companies. Mortgage credit inquiries affect credit scores much less than most people realize. The better one’s credit and credit scores are, the fewer inquiries affect a score. The effect can be anywhere from 1 to 5 points. All mortgage credit inquiries within […]Read More