Shopping for a Mortgage…
is Going to Lower Your Credit!
It doesn’t matter if you are looking for a new mortgage or trying to get the best rate on a new mortgage, everyone wants to play less on their mortgage.
So just like anything else, buying a new car for instance, you decide to go shopping. You visit different banks and trust companies and maybe even a private lender or two, each time providing your details on the property and mortgage you need along with your personal information so that each institution can do their calculations and determine the best they can do for you. You are feeling good about yourself, being a smart shopper, and reasonably shrewd negotiator, it should be no time before you get yourself the deal of the century, right. Wrong!
Every individual institution can not provide you an accurate quote with a commitment to what mortgage cost they can provide unless they do the calculations with exactly your information as provided by the credit bureau within the last thirty days, (any report old is invalid). Nor can they accept a credit report supplied by you because their have been forgeries this way. So every time you visit a creditor to ask for their offer that have to pull your credit report. They are only so happy to do this, because they can and most often will charge you for the service, and of course in the end they may win your mortgage business. Aren’t the creditors the lucky ones to have your opportunity?
Unfortunately, nobody has every said the credit industry was set up to be fair for consumers. Actually, credit bureaus are set up to regulate the credit ability of consumers to insure that lenders, who pay them, are enabled to charge the highest interest to those who have the lowest credit rating. Credit Bureaus have a vested interest in keeping your credit rating low. So, they have a rule, that every time you apply for credit, every time you shop for better credit, a better mortgage rate, that requires pulling your credit report, they take up to fifty points from your score. A day or two shopping for a good mortgage can make you ineligible for any mortgage let alone a low interest mortgage! If you are shopping for a better renewal rate from a different company you will end up being lucky to keep your old company at any price.
If you really want to shop around you need to use a licensed broker who is in the industry. The Credit Booster Club broker can pull your report once and shop all the best banks and sources without doing heavy harm to your credit, because they all respect the license and will work from the same current credit report.
When you Master Your Credit, You will get a Great Mortgage!