FLORIDA KNOWLEDGE CENTER

A credit inquiry is a listing of the name of a creditor or authorized user who has accessed your credit file. Credit grantors will request the information before offering credit on an application.

Some examples of those who can access your credit files are:
Creditors or Credit Grantors
Collection Agencies
Insurance Companies
Employers

Too many credit inquiries in a short period of time can lower your credit score.

When shopping around for a mortgage make sure that you shop with at least 2-3 different companies to make sure you are getting a good deal. Don't worry about too many credit inquiries lowering your credit score as long as you shop smartly. As long as you shop for your mortgage within a 2 week, 14 day, period of time, all of these inquiries will only count as one inquiry (for credit scoring purposes). There are still many companies who will tell you not to shop around because your score is borderline, which there could be some truth to it it you are having mortgage companies pulling your credit over an extended period of time, and if anyone else pulls your credit it may lower your score to where you will not qualify for their loan. Therefore, shop around for a mortgage with a couple of companies just do it around the same time and don't procrastinate it over the course of months.

Having credit inquires from different industries will lower your your score. Example would be, a mortgage pull, auto pull, and a credit card pull. Each of these pulls will negatively impact your score, as opposed to having 3 mortgage pulls.

Requests for your credit report information (called “inquiries”) will appear on your report every time you apply for credit. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

The reason the credit agencies treat mortgage inquiries is that they know you are not going to buy more than one home at a time and allow "shopping" for a lender. Compared to a credit card, lenders know that each inquiry could result in approval and spending of the appoved amount on the same day.

You as a consumer are allowed to obtain your own credit report as often as you wish with no damage to the report or score. When you pulling your own credit, the inquiry is known as a 'soft inquiry', rather than a 'hard inquiry' typical with applying for a mortgage or other consumer credit.

Many people don't know that you can actually DISPUTE any credit bureau inquiries that you feel are erroneous. This is done the same way you would dispute any other inaccuracy on your credit report. Each of the 3 main credit bureaus have different procedures to dispute items - sometimes it can be as simple as filling out an online form.

Florida Mortgage Rates

Getting the right Florida Mortgage Program and Rate is probably the most important part of choosing your Florida Mortgage Loan. Having the best Florida Mortgage Rates will save you thousands of dollars through out the course of the mortgage Loan.

At American Mortgage Rates, we strive on finding the best Florida Mortgage Program and Rate possible for you, the client! Our Licensed Florida mortgage brokers constantly educate them selves on the latest and best Florida mortgage programs to better serve you. There are many different loan programs to choose from which all have different Florida Mortgage Program and Rate, so by staying educated in this area allows us to find you the best Florida Mortgage Program and Rate possible.

Fortunately, due to our production in the mortgage industry we have been able to meet certain standards with our lenders and banks. These standards allow us to pass additional savings to you the client because of our preferred pricing on our Florida Mortgage Program and Rate. Your Florida mortgage broker should go over all the possible Florida Mortgage Program and Rate when choosing your Florida Mortgage.

When inquiring about a Florida Mortgage to your Florida Mortgage broker, be sure to ask about what kind of pre-payment penalty that is associated with that particular Florida Mortgage Program and Rate, some Florida Mortgage Program and Rate have no pre-payment penalty where some have very high penalties. This is something your Florida Mortgage broker should go over with you when choosing the best Florida Mortgage Program and Rate for you.

Feel free to call or inquire over the web about today's Florida Mortgage Program and Rate, we will be happy to quote today's best Florida Mortgage Program and Rate that we have available to us.

Since we work with many Lenders we get the best Florida Mortgage Program and Rate available where when dealing with one particular bank they are limited to there own loan products where they might not have the best available Florida Mortgage Program and Rate that day, when banks compete with each you the savvy mortgage shopper could take advantage of this by working with a real good Florida Mortgage Broker who is up on the Florida Mortgage Program and Rate.

A fixed rate mortgage is a mortgage that has a fixed interest rate for the term of the fixed rate mortgage term. This means your principal and interest payment will not change for the entire term of the loan until it is paid off. A 30 year fixed rate mortgage means that you mortgage is fixed for 30 years. A 15 year fixed means the same that your payment will not change for 15 years and then your mortgage will be paid off.

An Adjustable rate mortgage is a mortgage that has an adjustable interest rate for the term of the mortgage. This means your principal and interest payment will change for the entire term of the loan until it is paid off. Adjustable mortgages can adjust monthly, yearly, or sometimes mat be fixed for 2, 3, 5, 7 and 10 years and then start to adjust more often.

For more information about our many loan programs and Florida Mortgage Program and Rate please call us at 954-475-8787 or fill out our short mortgage form.

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