Hi Frank. Not only is it a good idea to know your credit score (or FICO score), but it's best to talk with a
lender(s) and get pre-qualified before beginning a home search.

Lenders/mortgage representatives with whom you talk will ask basic information of you re: your income, debt, pull your credit, etc. From this, they will be able to give you an idea of a price range of homes that you can afford (that's why it's best to get pre-qualified BEFORE looking at homes.....you wouldn't want to fall in love with a home you simply can't afford). I work with 3 really good mortgage people (one with Wells Fargo, one with First American Mortgage and another with Mortgage Mobility). If you'd like their contact information, just contact me -- by cell at (610) 324-5240 or email at Judy.May@Century21.com.

I wouldn't worry about their pulling your credit for purposes of getting pre-qualified. This is common and ordinarily done so it shouldn't adversely affect your credit score.

You've chosen a GREAT time to buy, with great home prices, lots of inventory and low interest rates! Be sure to hire a buyer's agent to represent you. You'll need a Realtor to guide you through the process as well as offer advice to best protect your interests in the homebuying process. Feel free to call me if you have ANY questions.

Good luck!

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com http://www.CollegevilleAreaHomes.com
Judy.May@Century21.com
C: 610.324.5240
O: 610.666.0202 x. 226

A lender will be able to pull your credit and from what they see make recomendations. A reputable Lender will give you a good idea where you stand, adn this should not negativly effect you since the report will need to be pulled anyway to qualify you.

Hi Frank,

It is a very good idea to keep up with your credit and score no matter what but especially when you are thinking of getting a mortgage.

My advice is to find a reputable lender and arrange to meet with them. They will ask you specific questions about your income, debt and employment. They will request certain documents from you. They wil also check your credit which does mean a tri-merged report.

If you do not know a lender, you could ask your friends or family. Or you can hire a buyer agent to help you find your home and more often than not, the agent will have names of lenders who their past clients have used who you can choose from.

Try not to get caught up in who can give you the best rate because nobody can promise you any rate until you find your home and get an Agreement of Sale. It's not like shopping for car and who will give you the best price on the car. So, if you go to a bunch of different lenders and have them run your credit, it will bring your score down.

If you have some free time, check out my blog. I wrote about lenders and rates and you may find it helpful.

You should also be sure to have money saved for a down payment as well as closing costs.

Good luck and please keep us informed of your progress.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com

Good Afternoon Frank,

It really is okay to speak with a Direct Lender and have them review your credit report. They can then go over anything that will effect you when applying for a mortgage. Wells Fargo Home Mortgage does an excellent job with mortgages and you can contact Kimberly Kozelsky at 610-970-0940. She can also go over all of your options as far as mortgages are concerned.

If you are searching for homes in the Phoenixville and surrounding areas I would love to be able to speak with you! I am Phoenixville's Top Agent and have been so for quite some time. Please always feel free to contact me at 610-999-7693 and/or Sellinghomesjenn@aol.com. I would be more than happy to go over the entire buying process with you and discuss your needs and wants! Have a Great Day!

Jennifer Daywalt, Realtor
Re/Max Results Realty
Phoenixville's Home Town Realtor
Top Realtor 2004, 2005, 2006, 2007, 2008
610-999-7693 Direct
610-489-7355 Main Office
Sellinghomesjenn@aol.com

Have you taken advantage of your free annual credit report? No scores, but you'll be able to assess your credit history. If everything seems fine, then I'd suggest speaking with a national lender, local lender and credit union to obtain preliminary terms for your mortgage. Comparison shopping for the same purpose, i.e. purchase mortgage, within a 45-day period of time shouldn't affect your score too much.

It doesn't affect your score to check your own report. You are allowed one free credit report per year. If you were to get one every four months, you could have a fresh report every few months without having to wait a whole year. Some places report to all three, others only report to one of the agencies.

All you need to do is go to http://www.freecreditreport.com/. Another thing you could do is go to http://www.lifelock.com and they will, for $10 a month, set fraud alerts on your credit reports every 90 days. Whenever someone tries to get credit under your name, the creditor must follow the instructions (which you gave at lifelock ie call your phone) if you don't answer, no credit is given. If you answer and say, nope...not me, they should call the authorities and arrest the individual trying to open credit under your name.

Hope that helps,

Terrence Charest, e-Pro

Frank,
If you check it yourself, it shouldn't bring your score down at all. In fact, It's not supposed to effect your score if the mortgage company pulls it. When it is pulled many times over a period of time is when it effects your score. It looks like you are applying for more credit accounts which is viewed as risky.
If you have any other questions, feel free to contact me.
The very best of luck to you!
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com

I think you definitely need to have all three checked, either through a pre-qualification process with a lender or on your own through the credit bureaus. Mortgage lenders will use the middle of your three scores. The impact, if anything, should be minimal; in fact, built into the algorithm of how each credit bureau computes the credit score should be the ability for multiple mortgage lenders to check your credit within a 14 day period with no impact to your score. This is built in as part of the borrower's process of shopping different mortgage lenders.
If you obtain the scores from someone other than a mortgage lender, just make sure they use the same rating scale (350 to 850) as mortgage lenders.