If you just received a letter in the last few months informing you that your interest rate is going up then you don't want to wait. Call your local mortgage person, or myself www.russravary.com and start checking into it. You should never give out your social security number to more than 2 or 3 lenders. Preferably you want to meet them in person.
If you have your credit run by more than 2 or 3 lenders you have a chance of your credit score dropping. Your credit score drops because there is too many inquiries. It signals that you are getting more credit. It drops because it is an unknown. How much credit do you apply for. If you applied to four different credit card companies for 4 different cards of $10,000 each and you ran them up. Then you are a credit risk. The credit bureaus have no way of telling what you are doing. So they lower your score until they know. They don't know if you have been turned down, if you are shopping for a good rate, are in trouble financially, or what.
Find out if you can refinance and fix your rate. Go over the different scenarios with the lender.
May this week bring you good news.
Russ Ravary "your friend and mortgage consultant for life"
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment