What is the best place to get a mortgage loan?

The best place to get a mortgage loan depends on individual preferences and financial circumstances. Consider exploring options from traditional banks, credit unions, online lenders and mortgage brokers. Compare interest rates, fees, customer reviews and the variety of loan products offered. Ultimately, the best place is one that aligns with your specific needs and provides favorable terms for your home financing.

What score do most lenders look at?

Most lenders typically look at your FICO® credit score when evaluating mortgage applications. This score, ranging from 300 to 850, is a comprehensive measure of your creditworthiness, considering factors such as payment history, credit utilization and length of credit history. Generally, a higher credit score increases your chances of securing a favorable mortgage rate and terms. The specific minimum credit score required to qualify will depend on the type of loan you get.

Does getting preapproved for a mortgage hurt my credit?

Getting pre-approved for a mortgage generally results in a minor and temporary impact on your credit score. When you apply, the lender performs a hard inquiry, which may cause a small decrease in your score. However, the effect is usually minimal, and the potential benefits of knowing your borrowing capacity and negotiating power could far outweigh the short-term impact on your credit.

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