Mortgage Q&A

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Mortgage Questions

My mortgage payment is due on the 1st of the month with a grace period until the 16th. I usually pay closer to the 16th than the 1st so there are no late fees. What impact would it have on my credit score if I paid on the 1st?

Paying your mortgage at the beginning of the month rather than the end of a grace period has no impact on your credit score... More

Share | Asked on March 01, 2010

I have a "thin" file. How will this affect me qualifying for a mortgage loan?

"Thin file" means that a consumer has a fairly short or "thin" credit history. In these situations, it can be difficult to accurately provide a credit score for the consumer since in essence there is no past history to score against... More

Share | Asked on April 30, 2009

I have about six credit cards with 0 balances on all but one. The one that does have a balance has 4K on it and the interest rate isn't great. How will opening a new card and doing balance transfer change my score? I want to purchase a home soon.

Opening a new credit card will temporarily lower your credit score due to the hard inquiry associated with the credit application. Depending on what your existing score is it may be as little as 3 points or as much at 25 points... More

Share | Asked on April 14, 2009

I have a credit score of 592, mostly due to medical debt, my income is $70k, can you help me with a mortgage?

I've had 3 years experience in the mortgage industry, and unfortunately, your score is not high enough for most lenders... More

Share | Asked on March 16, 2009

Can I buy a car or refinance my home with a 682 credit score. I am currently in a chapter 13 payoff program (3 years now) to the courts but have perfect payment history.

According to our friends at Independent Mortgage, you can refinance your home if you have enough equity in the home. They suggest a LTV (loan to value) of 80% or less. In addition, your DTI (debt to income) should be 35% or less... More

Share | Asked on February 13, 2009