• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Why the credit score you think you have might not be correct for a mortgage

January 7, 2018 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
the credit score it takes to get a mortgage

Consumers thinking about getting a mortgage should know where they stand. Here is what you might not know about your credit score when it comes to applying for a mortgage.

The truth is not all credit reports are created equal. Many of the consumer credit reporting services that are available in the market place today such as Credit Karma do not give you the same type of data that a mortgage credit report does. The granddaddy credit report bar none is a financial services credit report. A financial services credit report is the most accurate type of credit report because it provides a credit score from each bureau.

Most of the consumer credit reports available in the market place only provide one score or no scores or a combination of multiple reports with inconsistent information as it pertains to accurateness.

For example, if your credit score is 700 from Credit Karma then when you go apply for a mortgage, your credit score is 650. This disparity might be because the credit report that the mortgage provider obtains is all 3 credit scores and they use the middle of the score.

The other misconception in the marketplace is that applying for a mortgage makes your score tank. That is just not true. The federal government encourages you to shop for a mortgage and does not penalize you from a credit reporting standpoint if you’re having mortgage lenders pull your credit report.

Consumers can get into trouble when they are applying for a mortgage and diverse types of credit entities at the same time e.g. a mortgage inquiry, a cell phone inquiry and a cable inquiry.

Another reason that there could be a disparity in your credit score versus the credit score that the lender obtains is that each creditor you have reports to the different bureaus at separate times of the month and there is not an accurate way to pin point in time when the optimal time to pull a copy of your credit report is.

A credit report is an accurate reporting of your credit 30 days ago. Put another way, you might see some debts on your credit report that are already paid off based on when your creditor reports your activity to the bureaus. If you need to get your credit score up most mortgage companies can do what’s called a rapid rescore to show that you’ve paid down a credit card for example to get your credit score up a couple of notches to change your mortgage loan program or your down payment or get you into a more affordable mortgage loan. Let the mortgage company help with your financial situation including your credit.

Trying to find a good lender? Start now, its easy.

 

Related Mortgage Advice from Scott Sheldon

  • Mortgage Application: Pulling Credit Report

    Taking out of home loan? This might surprise you, pulling credit associated with the mortgage…

  • Get A Mortgage Rate Quote

    If you are looking for a Sonoma County Mortgage, get a mortgage rate quote. Mortgage…

  • the credit score it takes to get a mortgage
    The truth about how credit scores relate to mortgages

    Credit scores are incredibly important when secure a mortgage financing. They are however only one…

  • Why you shouldn't be solely focused on credit when it comes to getting a mortgage
    How to get a mortgage with a credit score under 620

    Here is what most banks and mortgage companies will not tell you. If you have…

Filed Under: First Time Home Buyers, Interest Rates, Mortgage Shopping, Uncategorized Tagged With: credit scores, qualifying for a mortgage, Santa Rosa mortgages, sonoma county home buying, SONOMA COUNTY LOANS, Sonoma County Mortgage Rates, sonoma county refinancing

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window