A guide to understanding a lenders request to pull your credit report when applying for a mortgage

Calling around for mortgage rates and quotes you should expect most lenders to be hesitant to give you a quote without pulling your credit report. This is a classic catch 22 situation, the lender needs to know your actual credit score and payment history to qualify you for a loan and you want to know the best terms they can offer before applying.  Fico scores range between 350 and 850 and are based on a modeling system that reviews items such as your payment history, derogatory items, credit balances, length of credit, and recent inquiries. The good news is that you can have up to 5 mortgage inquiries on your credit report within a 30 day period without lowering your credit score.

11-26-2007 © LoanNetwork.com

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