FLORIDA KNOWLEDGE CENTER

Do credit inquiries affect my credit score? This is one of the most confused and commonly asked questions by consumers shopping for a mortgage. The answer to this question is yes and know. How can the answer be both you may ask? Applying for a lot of credit cards and such will result in a credit inquiry each time you apply. This will in turn result in a negative affect to your credit score. However, if you are shopping for a mortgage or an auto loan, the credit repositories realize that most people are applying with multiple companies to find the best deal out there and they will allow the consumer a 30 day window in most instances to shop around for a mortgage loan and have their credit pulled by as many mortgage companies as they want to find the best deal. All of these inquiries for a mortgage within that 30 day window (30 day window starts with first mortgage inquiry) will only count as one inquiry however for credit scoring purposes. All of the inquiries will still report to your credit report as inquiries so that you can always see who is pulling or has pulled your credit, they just simply will count as 1 inquiry for credit scoring purposes though.

A lot of inquiries for things such as credit cards in a short period of time is definitely going to have a seriously negative affect on your credit score. Therefore, if you apply for a credit card every time you go somewhere just to get a cool free gift, this is going to negatively affect your credit and lower your credit score. Therefore, make sure you think before you apply to be safe.

Credit inquiries have an impact of 10% of your credit score. The maximum number of inquiries that can reduce your score is 10. Any inquiries in excees of 10 within a 6 month period will have no further impact on one's credit score.

Credit inquiries stay on your credit report for 12 months and as they fall off your credit score generally will go up a point or two each time. However to many credit inquiries for high risk revolving accounts like department store cards and credit cards can cause a drastic drop in your credit score.

Credit inquiries, when an accumulation occurs, can negatively impact your credit score. This means that if you apply for a lot of credit within a 90 day period of time, you will have a credit inquiry from each creditor that you applied with and this can negatively impact your credit score.

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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