will the mortgage damage my score

Guest 0.10 Dollars($)

I tried hard and finally got my credit score in track. They are in 700's now. I am going to take a mortgage soon. Will this damage my credit score again?

Guest 0.10 Dollars($)

It's not going to pose you problems in the long run even if the score drops because of the mortgage. So, go for the mortgage if it is required.

Samantha · Posted: Fri Apr 21, 2006 12:32 pm Post subject:

Hi,

I think you are taking the mortgage loan for a good cause. So, you should not be bothered much as long as you know that you afford regular payments on the loan.

In general, the score can drop by 5 to 10 points or may even by 50 points. The drop can last for 3 - 6 months and will improve gradually.

So, considering the requirement there is no significant drop and you should not get worried so far you are not delinquent on your loan.

God bless you.

For MortgageFit,
Samantha

Bill · Posted: Sat Apr 22, 2006 12:19 pm Post subject:

Concerned,

Congratulations on the achievement of good credit scores. It also appears you are taking the next logical step in utilizing your improved credit toward the best financial decision every consumer will ever make … buying a home will most likely be a large part of your future net worth and financial well-being.

Additionally your credit should further benefit once you acquire your new mortgage. There is no better credit than mortgage credit. On-time mortgage payments will ensure your credit scores remain favorable for many years to come.

Enjoy your credit and the new home it will allow you to own!

All times are GMT - 7 Hours

Page 1 of 1