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Loans and Finances

Is It Time to Refinance Your Mortgage?

September 9, 2019 by Mathew Mattila

With interest rates currently at historic lows, many homeowners, even those who have only recently closed on their home purchases, are considering the pros and cons of refinancing. Freddie Mac reported in August (2019) that the average conventional 30-year loan is just 3.6 percent and 15-year loans are at 3.05 percent – that’s nearly one full percentage point lower than just 12 months ag, and coming in close to the 2012 historic low of just 3.31 percent. (To illustrate just how quickly rates are changing, by the time this article as ready to publish on September 6th, 2019, they’d dropped even lower…)

Black Knight, a leading provider of MLS, homeowner, and mortgage data, estimated recently that over 9 million mortgage holders could be classified as ‘good refinance candidates’. For clarity, their definition of good candidates are borrowers with a 30-year mortgage with a maximum loan-to-value ratio of 80 percent and 720 or higher credit scores. (If you’re not sure what your current score is, you can get it for free from one of the three reporting agencies.)

Even with their somewhat conservative math, that’s a lot of folks who could potentially save a lot of money over the life of mortgage loans with a simple refinance. But is it all that simple?

Generally, the rule of thumb has been that refinancing makes fiscal sense if you will reduce the interest rate on your mortgage by at least 2%. However, even a 1% savings is enough to justify refinancing in some cases but there are a number of factors to consider when doing the math on a potential refinance.

Why Would You Refinance Your Mortgage?

People choose to refinance their existing home loans for a number of reasons including reducing their monthly mortgage payments (and potentially paying off the loan faster), reducing the length of the loan, or generating cash for planned expenses (home remodeling, debt consolidation, education costs, retirement, etc.) or emergency expenses (unexpected medical costs, the loss of a partner, etc.).

When Can You Refinance Your Mortgage?

The truth is, you can refinance a loan the day after you officially close on it – but it only makes financial sense to do so IF you will stay in the property long enough to recoup the costs to refinance.

How Much Does It Cost to Refinance Your Mortgage?

In short, the cost to refinance a mortgage is based on the interest rate, your credit score, the lender and the amount you still owe on your current mortgage. As was true with the initial mortgage you obtained when you purchased your home, a higher credit score will land you a better interest rate, and relatively lower payments.

On average, homeowners can expect to pay 2% to 3% of the loan amount to refinance a mortgage. The out of pocket expenses to refinance include escrow and title fees, lending fees, appraisal fees (yes, your property will need to be appraised again for current value), points, credit fees, insurance, and maybe taxes (if you’re taking cash out and don’t use it for updates to the home). (Click here for a glossary of what each of these terms means.)

Obviously, unless you save more than you’ll wind up paying in the new loan scenario it doesn’t make sense to refinance. Here are some calculations to help give you more insight (to discuss more in-depth and run the numbers for your specific situation, pick up the phone and give me a call 971-404-9844)

For the purpose of this article, we’re going to focus on the long-term cost savings that can come from refinancing a mortgage loan to a lower interest rate.

First, we need to look at the difference between your cash flow savings (what you’ll save each month in mortgage payments) and your interest savings (savings in interest payments over the life of your new loan). It’s important to note that each mortgage is different and calculations will need to be adjusted accordingly for each individual scenario.)

Calculating Potential Interest Savings:

Multiply your current remaining loan amount by your current interest rate and divide by the number of months in a year (12) to calculate the amount of interest you pay each month:

(Current Remaining Loan Amount x Current Interest Rate) / Months in year = Interest paid per month

($400,000 x 4.75% or .0475) / 12 = $1,583

Now calculate with your (potential) new interest rate through refinancing (your specific interest rate will be based on a number of variables – this is just an example for the purpose of this article):

($400,000 x 3.75% or .0375) / 12 = $1,250

Calculate the difference between the two interest rates.

Current Interest Payment – Proposed Interest Payment = Interest Savings

$1,583.00 – $1,250 = $333

The result in refinancing your interest rate down by just 1% on a $400,000 loan balance will result in a lower monthly payment of $333 or nearly $4,000 per year.

Now you need to find out if and when these monthly savings will break even with the actual costs of refinancing your mortgage. You do that by dividing the Estimated Closing Costs (In this case $6k) by your Interest Savings to arrive at the Break-Even Point.

$6,000 / $333 = 18 Months

In this scenario, it will take 18 months for you to recoup the cost of your refinance. If you’re planning to sell your home in the next couple of years, refinancing isn’t going to make fiscal sense for you at this time. However, if you’re planning to stay in your home for at least five to ten years, you’d save plenty over the life of your new, refinanced loan.

If you’ve been intrigued by the dropping interest rates but you aren’t sure if it makes money sense to refinance right now, give me a call or shoot me an email and let’s take a look – I’d love to save you some money. Yes, even if you’ve only closed on your house in the last year, it can still be worth taking a look to see how you’d pan out with a refi.

Let’s see if we can save you some money – give me a call now at 971-404-9844.

Filed Under: Interest Rates, Loans and Finances, Mortgage, Mortgage Industry, Refinancing

Reasons To Refinance a Home Loan

September 20, 2018 by Mathew Mattila

When you refinance a home loan you’re paying off the original mortgage balance and taking on a new one. It’s likely that the terms and interest rate on your new home loan will be different from the original mortgage terms – and often, this is the very reason some people refinance: to get a better mortgage rate. It’s usually easier to refinance than it may have been to secure the original loan, and you do bring any equity you’ve gained in the property into the equation.

While refinancing is usually financially beneficial (over the longer term) it does come at some initial cost. Just like the original loan, you’ll be responsible for closing costs, title insurance, and potentially legal fees. Depending on your situation and the property you’re refinancing, you might also be responsible for the cost of an appraisal, and any taxes and transfer fees. Also, it’s important to account for any prepayment penalty your original loan may carry. Not all mortgage loans carry this penalty and those that do often decrease the amount of the penalty for prepayment over an extended period of time, but it’s another cost to be aware of when considering refinancing your home loan.

Reasons To Refinance a Home Loan

With all of this in mind, it’s important to look at potential savings with a refinanced mortgage vs initial cost before assuming it’s a good fit for you at this time.

If you’re not sure and you want to discuss what it might look like for your specific situation, give me a call so we can crunch some numbers!

Five Reasons To Refinance a Home Loan

Lower Mortgage Payments

Mortgage rates naturally fluctuate and while they are currently low rates are expected to rise in the near future. Now may be the perfect time for you to lock in a lower mortgage rate for more affordable monthly payments than what you’re currently paying on your original mortgage.

Stop Paying for Mortgage Insurance

If you weren’t able to put 20% down when you secured your current mortgage you’re likely making private mortgage insurance payments as a result. The equity you’ve built since your purchase may be enough to cancel your PMI payments when you refinance a home loan.

Leverage Equity in Your Property

Home equity is one of your greatest assets as a property owner. Equity is the total of your outstanding loan balance(s) subtracted from the property’s current market value. Equity in a property can increase when the value of the home increases (for instance with additions, remodels, or cosmetic improvements, or when a neighborhood’s average home value increases) or the loan balance is paid down. You may be able to tap into your home’s equity to access the funds for home improvements or debt consolidation.

Decrease Interest Costs

Refinancing gives you the opportunity to change the loan terms on your 30-year fixed mortgage to lower amortization schedules and lessen the interest paid over the life of the loan. Generally, the rule of thumb has been that refinancing makes fiscal sense if you will reduce the interest rate on your mortgage by at least 2%. However, even a 1% savings is enough to justify refinancing in some cases.

To figure out if refinancing your home loan makes sense for your circumstances, get in touch so we can run the numbers.

 

 

Filed Under: Equity, Loans and Finances, Mortgage, Refinancing

The Home Loan Process

September 12, 2018 by Mathew Mattila

The Home Loan Process - Portland Oregon Mortgage

Here’s a brief overview of what to expect in the home loan process when we work together:

Step 1: Pre-qualification

Pre-qualification is a relatively quick initial step in the process of attaining a mortgage loan. Getting your pre-qualification helps you determine what you can afford so you can set your home search parameters appropriately from the start. If you’re thinking about purchasing a new home, I suggest you learn about how things like your credit score can impact your home loan numbers.  If you’re ready to get started on the home loan process now; click the link to fill out my secure online loan application form and I’ll get back to you right away to discuss the numbers so you can start shopping in earnest!

Step 2: Pre-approval and underwriting

Obtaining a pre-approval will allow you to quickly and confidently present your strongest offer to the seller when you find a house you love. I’ll help you lock in the best home loan rate possible and will take all the necessary steps to move your funding from start to finish without stress, keeping you informed and educated throughout the process. If you run into any questions or concerns during this early phase, I’m here with answers and support.

Step 3: Find your new home

With your qualified pre-approval letter in hand, you can now start shopping for your new home. If you need referrals to great real estate agents in the Portland, Oregon or Vancouver, Washington areas, I’d be happy to connect you with one of my exceptional colleagues. Even with the right agent, you may find a home you want to make an offer on quickly, or it may take a bit longer. If things in your life change during the home-shopping period, we’ll work together to make sure your loan information stays up to date.

Step 4: Make an offer

This is one of the most exciting times in the home buying process! Everyone from your agent to your mortgage broker is on your team and rooting for you and working together to help make it happen. Once you’ve found a home you love, your realtor will work with you to submit a competitive offer and real estate contract, along with our pre-approval letter to ensure your offer is taken seriously.

Step 5: Close the deal!

As we approach the closing date on your new home, we’ll ensure all final conditions of the sale are signed off and proceed towards a successful closing. It’s my goal to help get you the financing secured for your new home without any stress – and I’m on your team until the keys are in your hand and you’re all settled in.

If you’re ready to start the home loan process I’d love to learn more about what your goals and dreams for home ownership are. Give me a call anytime, or start your home-loan prequalification now by submitting your info directly to me using this handy online form.

Filed Under: Buying a New Home, Credit Score, First Time Home Buyer, Loans and Finances, Mortgage Industry, Portand Oregon, Vancouver Washington

Mortgage Do’s and Don’t’s

September 3, 2018 by Mathew Mattila

When you plan a trip, you most likely spend time researching your destination, your method of transportation, where you’ll stay, any local events you might be interested in, the best places for a dinner out or a glass of wine. If you’re traveling with family or with kids, you’ll spend time finding special interests and activities for them. You might price shop hotels or plane tickets. You might map out different roads. However you get there, the point is, you put a lot of time, energy, and money into planning your trip so that it goes off without a hitch; so that you can truly enjoy the experience of traveling.

The home loan process is no different really and deserves an equal amount of time and attention invested to ensure you can fully enjoy the process of shopping for and finally moving into your new home. Securing a mortgage loan so that you can buy a home doesn’t have to be stressful. To help you through the mortgage process, use this quick-reference list of Do’s and Don’t’s to follow when applying for a mortgage:

Mortgage Do's and Don't's | Mathew Mattila Mortgage Professional, Portland Oregon

DO

  • Provide all documentation for the sale, including sales contract, closing statement, employer relocation/buy-out program (if applicable) to your mortgage professional.
  • Keep all original documents organized, and have access to all of your pay-stubs, bank statements, and other important financial documents.
  • Keep an eye on your credit report. Learn more about how your credit report can impact mortgage rate.
  • Provide your earnest money deposit from your own personal bank account or acceptable gift funds. Ideally, these funds have been in your personal bank account for a minimum of three months prior to seeking the home loan.
  • Continue to save money to the bank account you provided for verification of assets.
  • Notify your mortgage professional if you plan to receive a monetary gift toward closing.
  • Notify your mortgage professional of any employment changes such as recent raises, promotions, transfers or pay status changes such as salary to commission.
  • Alternately, be sure to notify your mortgage professional of any loss of income.
  • Stay employed if employment income is being used for loan approval.
  • Notify your mortgage professional regarding any changes to your employment status.
  • Make regular, timely payments on all current debt obligations, including any current mortgages, car loans, student loans, or credit cards.
  • Notify your mortgage professional of an unexpected depletion of the funds needed to close.
  • Notify your mortgage professional of changes in your contact information.
  • Notify your mortgage professional if you expect to make a financial deposit that is not related to your regular payroll, pension, SSI, or income tax refund.
  • Notify your mortgage professional if you expect to receive a financial gift from a relative, employer, union hall or non-profit organization.

DON’T

  • Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
  • Change jobs or employers without inquiring about the impact this change might have on your loan.
  • Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property. Many guidelines require substantial documentation as to the source of these deposits.
  • Open or increase any new or existing liabilities, including credit cards, student loans or other lines of credit during the loan process.
  • Make major purchases prior to or during your contract, such as new car, furniture, appliances, etc. as this may impact your loan qualification.
  • Advance any cash from credit cards or borrow funds for closing.
  • Change your legal name.
  • Take any unpaid time off from work, such as unpaid vacation time, as the change in income for that period can negatively impact the loan process.
  • Alter any of your legal or financial documents in any way.

If you have questions or concerns about any of the points listed here, please don’t hesitate to get in touch with me.

If you’re just getting started shopping for a home in the Portland, Oregon or Vancouver, Washington areas, check out this online Mortgage Calculator and learn more about how much you can afford to spend on a new home purchase.

Filed Under: Buying a New Home, Credit Score, First Time Home Buyer, Loans and Finances, Mortgage

Real Estate Investing in Vancouver, Washington

March 22, 2018 by Mathew Mattila

A long-term client approached me recently for a referral to someone to help him build out his real estate investment portfolio. I immediately put him in touch with my friend and colleague, Uwe Gluhr. A local business leader and brilliant real estate investment advisor, Uwe is the business manager and co-owner of Personal Property Management with Julie Brown and Leisha Dumas. PPM, located in Southwest Washington, specializes in managing single-family homes and smaller apartment complexes located in Southwest Washington, with many of Uwe’s owner-clients accessing his advice for furthering their own real estate investments.

Uwe has always advocated real estate investing as a lucrative and viable option for a diversified portfolio and I’ve seen the growth in Vancouver create a lot of potential investment value, so I decided to pick Uwe’s brain and share his top tips for real estate investing in Vancouver, Washington and surrounding areas.

Real Estate Investing in Vancouver, Washington

Why invest in real estate?

Uwe explains, “Overall, real estate is a proven asset class that should belong in everyone’s portfolio. When you compare the overall returns against the S&P 500 you’ll see it offers a proven return on investment.

There are many ways to invest in real estate such as Real Estate Investment Trusts, commercial buildings, apartment buildings, and my personal favorite: single-family homes.”

[What is a Real Estate Investment Trust? REITs are companies that own, operate, or finances real estate for the purpose of producing income. They operate like a mutual fund, giving investors dividend-based income and returns. Learn more about REITs here.]

“For the purpose of this conversation, let’s compare multi-family units such as apartments to single-family homes. In the current market, I find that single-family homes make the most compelling investments (for reasons I’ll detail below) with one important caveat: you must buy them at the right cap rate.”

[What is cap rate? Capitalization rate, commonly known as ‘cap rate’, is a tool for evaluating the value and return on a real estate investment. To determine cap rate: calculate the yearly gross potential income of the investment property. Then, subtract all expenses associated with ownership and maintenance of the property from the gross income. Next, divide the net income by the property’s purchase price. Learn more about cap rate here.]

Investing in Single-Family Homes vs Apartments:

“Currently, apartment buildings are trading at around the same cap rates as single-family homes. If you look at what has been built since about 2010 you’ll see that historically the market has favored apartments. As a result, there is a lot of apartment supply coming available.

However, from a renter’s perspective, especially families with children, single-family homes offer a lifestyle that is totally different than and is often regarded as preferable to apartment living. For the investor, this can be seen as a big positive because single-family homes tend to bring those high quality, family-oriented tenants who are looking for something that lives and feels like a home (and are going to treat the property as such).”

Real Estate Investing in the Vancouver, Washington area:

Location, Location, Location:

“Investors looking to purchase real estate in the Vancouver area will be wise to focus on neighborhoods with good schools and are situated less than 30 minutes from an international airport (or an airport that has Southwest Airlines). Ideal areas for real estate investment also have high projected job growth and easy access to good healthcare.

In the Vancouver, Washington area I would recommend looking to invest in the area up and down I-5, primarily on the west side and all the way up through Ridgefield or near the Salmon Creek Hospital. Specifically, the Skyview and Ridgefield High School areas are great for investments right now.

Also, consider investing close-in to Highway 14 and into Washougal. Farther out east, the Camas and Union High School areas are promising in the current market.

Forecasting out about 10 years, I would target real estate investments as close to downtown Vancouver, Washington as possible. This area gives people easier access to downtown Portland, Oregon (and Vancouver proper). As urbanization, population growth and congestion will continue to boom in Clark County these central areas will continue to grow accordingly.

Regarding the actual house, I favor investing in single-story, 3 bedroom, 2 bathroom homes with attached 2 car garages.”

Focus on Immediate ROI:

“I always tell people to invest for positive cash flow first and look for appreciation second. When in doubt, learn how to calculate the cap rate and make sure that your cap rate is greater than your 30-year fixed rate.

Investors should always try to target cap rates at around 5.5% or higher. As interest rates rise, be sure to adjust the cap rate threshold upward accordingly.”

Stay Positively Leveraged:

“If you are using a loan to buy your real estate investments always make sure you are positively leveraged. Don’t forget to calculate the necessary property management costs, vacancy loss, and maintenance costs into your cap rate.”

Build a Team:

“Assemble your team of professionals. At a minimum, you’ll want to find a realtor you trust and feel comfortable communicating with, a responsive mortgage broker, an insurance agent, an inspector, and a property manager.

Having each of these key players in place before you start investing in real estate will help ensure you get into the right investment(s) and that you’re in the best position possible for the long term. Do your homework when building a team of professionals and you’ll be better off for it. Like most things in life, you are going to get out of these relationships what you put in.”

If you’d like to reach out to Uwe, you can email him via the Personal Property Management website. And if you’d like to discuss the loan process for an investment property in Portland, Oregon or in the Vancouver, Washington area, I’d love to hear from you.

Filed Under: Camas, Loans and Finances, Real Estate Investing, Real Estate Investment, Real Estate Trends, Ridgefield, Vancouver, Vancouver Washington

How Credit Score Impacts Mortgage Rate

February 22, 2018 by Mathew Mattila

Growing up in my family’s mortgage business here in the Portland-Vancouver area, I was taught that it’s not a matter of if someone can achieve the goal of owning a home but only a matter of when.

I also learned that credit scoring is perhaps the number one thing standing in the way of someone achieving that goal. Sometimes, it’s as simple as paying down a high-credit utilization credit card or disputing an incorrect late payment on a credit report that will make or break someone’s ability to qualify for a mortgage.

My ability to educate and help my clients with understanding what their credit score means, and advise them on how to raise their credit score can go a long way in helping secure better home loans for their families. Better credit scoring can secure better mortgage rates and sometimes minor tweaks can help people qualify for products and rates that might otherwise seem unavailable.

The small amount of time I can spend educating and instructing people on what to do to raise their credit scores can produce a change that will create a lifetime of difference and thousands of dollars in savings on the life of a mortgage. Taking that time to help my clients is one of the most important things I do when I work with a family on their home loan.

My latest blog post covers the basics of credit scoring and easy to implement tips for a better credit score:

According to data from the various credit reporting agencies, the average credit score in the United States hovers around 695. Though each credit reporting agency utilizes different scoring models to calculate credit score they all place the average American’s credit score somewhere between 660 and 720. In Oregon, the average credit score is 682.

How Credit Score Impacts Mortgage Rate

Your credit score will impact your mortgage rate

For all lenders, including mortgage professionals, your credit score is used to measure how viable your particular loan application is in terms of how likely you are to make good on and pay back the loan over its lifetime. Having no credit history (also referred to as being a ‘credit invisible’) or holding a very low credit score (being high-risk) can lead to a lender not being able to offer a mortgage loan at all.

Depending on where your credit score falls within the range (300 to 830 or 850 depending on the credit reporting agency) will also impact the lending terms you’re offered – in particular, your interest rate. The higher your credit score, the lower your APR (annual percentage rate) will be.

Credit score is usually classified as follows:

  • 720-750 – 830/850: Excellent Credit
  • 660 – 719: Average/Fair Credit
  • 620 – 659: Poor Credit
  • 600-620 or lower: Bad Credit

According to Credit Sesame, “the minimum score [needed to qualify for a mortgage loan] also depends on the type of loan you’re applying for. With a conventional loan for a house that’s backed by Fannie Mae or Freddie Mac, for example, the minimum score required is set at 620. But the lowest credit score to buy a house with an FHA loan is 580.” With all of this in mind, in order to get a great rate and save thousands on the cost of your mortgage loan, it’s best to go into the transaction with the highest credit score possible.

If you knew that spending the next 6 months working on your credit score could save you interest over the life of your loan and keep more dollars in your pocket, wouldn’t you do everything you could to boost your credit? If credit your score is relatively low, or even if you just want to give your credit score a boost in preparation for your home purchase, here are Do’s and Don’ts to help you work toward a higher credit score and a relatively better mortgage rate:

Get a copy of your credit report

You are legally entitled to one free credit report from each of the three major credit reporting agencies once each year (Equifax, Experian, and TransUnion). Contact the agencies directly to obtain your report(s).

From the FTC website: “The three nationwide credit reporting companies have set up one website, toll-free telephone number, and mailing address through which you can order your free annual report. To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form.”

You can also search Google for ‘free credit report’ to access any number of other options, like Credit Karma or Credit Sesame, to obtain a free copy of your credit report. These companies even have a free app that sends alerts if your credit score changes or there is a change in the data on your credit profile. It’s important to note that while this data might be a good indication of credit scoring, the numbers provided by these services can vary by 30-50 points from the actual credit bureau scores.

Note, many of the bigger credit card companies offer basic free credit score monitoring and notification of a shift in your credit score. Check your account benefits to see if you already have access to this feature. It’s an easy way to get a good estimate of your current credit score.

Check your credit report(s) for errors

A recent report from the Federal Trade Commission exposed approximately one-fourth of the reports examined by the commission held at least one error.

If you find errors, file a dispute with the credit agencies. The FTC advises the following action if you do find an error on your credit report and even offers a link to sample dispute letter:

“Tell the credit reporting company, in writing, what information you think is inaccurate. Use our sample dispute letter. Include copies (NOT originals) of documents that support your position.”

A full write-up of the steps to disputing an error on your credit report and following up to ensure the error is addressed is also provided at the FTC website.

Bear in mind, most mortgage lenders will require credit disputes to be resolved before awarding a loan, and the dispute process can, unfortunately, take months. If you do have issues on your credit report that you wish to dispute and you’re preparing to apply for a mortgage, either start the dispute process early or wait until after you’ve secured the loan. If you’re uncertain which route makes the most sense, talk to a qualified mortgage professional.

While you’re investigating your credit score and your recorded credit history, keep the following things in mind:

Pay your bills on time

Paying bills late or not at all may seem like an obvious negative when it comes to your credit score, but did you know that even one late payment can lower your credit score – even if you already have excellent credit.

According to FICO data, a 30-day delinquency could cause as much as a 90- to 110-point drop on a FICO Score of 780 for a consumer who has never missed a payment on any credit account.

Obviously, paying your credit cards in full and on time is critical to a good credit score – issues like charge offs, debt collections and bankruptcy will absolutely impact a mortgage loan rate, if not prevent acquiring the mortgage altogether. Actually, late payments on any bills: utilities, rent, phone and other loans can have a negative impact too.

Keep an eye on credit card balances

Maintaining high credit card balances or maxing out credit cards is another issue that will negatively impact your credit score, making your mortgage more expensive.

You want to aim for under 20% credit utilization overall, and about the same on any one card for optimum. If you’re using more than 20% of your credit, be strategic about paying balances down before applying for a home loan. According to FICO, “[Credit utilization] below 10 percent is better, and people who have the highest credit scores average just 7 percent credit utilization.”

Don’t close old credit accounts

It may seem counterintuitive, but don’t look to close any cards in the near future if you’re looking for a mortgage. Closing a credit card with a balance actually tips you away from ideal credit utilization because closing the card lowers the available credit on the account to $0 while you’re still holding a balance.

Closing any credit cards, even if they carry a low balance, can have a negative impact because this action lowers your overall available credit, thereby skewing your credit utilization higher.

If you absolutely must close a card, try to pay it off first. And bear in mind that closing a credit account can negatively impact your score, especially if you’ve held the account for a long time. 15% of your credit score is the length of your credit history. Closing a card you’ve had for a long time will drag your score down.

Don’t open new credit accounts

While it would seem that more cards equating to a higher overall available credit amount would be a good thing for your overall credit score, opening a bunch of new cards is going to take a hit on your credit score. The very act of pinging your credit report for the purpose of opening a new credit account can impact your credit score, and opening multiple new cards all at once drags the average length of your credit history down.

 

If you’d like to discuss how your current credit score could impact your future mortgage loan and get the information you need to put a plan in place so you come into your new home purchase in the best shape possible, please get in touch.

 

 

 

 

 

 

 

 

 

Filed Under: Buying a New Home, Credit Score, Credit Worthiness, Loans and Finances

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