Consumption and Real Estate
Does the mortgage interest rate different from the online quote ones and when they run the history ?
Question : Does the mortgage interest rate different from the online quote ones and when they run the history ?
I have asked for some online quotes for the mortgage interests, they took a generic info as how much would be my fico,salary,debts and gave me a rate quote.(ex: 5.25% 5.13%)
1) Now when I actually start talking to them , do they have to
run my credit history to give the correct rate ?
2) If I call 3-4 people from the online quotes what they have sent
me, does everyone run my credit history to give me the actual
interest rate ?
3) Does it effect my fico score ?
This is only to know what interest rate am I getting for the home which I wanted to buy
home mortgage quote
Best answer:
Answer by reenzz
1. Yes, your actual rate will depend on your actual credit report and the current prime rate for the day you lock in.
2. Yes, they will all want to run your credit
3. Yes, “inquires” do lower your credit score.
1) yes
2) yes
3) no… only the first inquiry will ‘ding’ your credit. (and its only a few points) The way it works is the credit bureaus look at the kind of inquiries and if they are all mortgage brokers, etc., they only ding you for the first one. It’s not enough to have a negative affect on your FICO score.
To give an accurate estimate they will have to run your credit, otherwise it’s just guesswork on their part.