Tuesday, February 28, 2012

Interview With Mortgage Pro Bill Rayman Part 6: Refinance Tips

What tips can you provide someone looking to refinance?
Get your credit pulled at the beginning by a mortgage professional. For something so important, it’s astounding how few people actually understand how the bureaus work. Not all credit reports are the same; they vary by industry and by type.
Banks use a Financial credit score, derived from information from the 3 bureaus. Get someone to pull your credit score early and review it. For people who are worried that pulling their credit will lower their score, I tell them, “There’s a kernel of truth in it, and a lot of corn.” It reflects my comment that few know how this vital service works. Pulling credit does not automatically lower your score. The bureaus see who’s pulling it, how often it’s pulled, and what the purpose. Banks and brokers pulling it 10 times in a week will not lower your credit score. The bureaus see that you are shopping for a loan–not asking each company for money.
Knowing what’s on a report is vital to do early. Problems have to be identified and mistakes fixed – a process that can take 2-4 months . Mistakes easily derail a purchase or refinance. I only work with people who let me pull their credit up front.

To See the Entire Interview CLICK HERE

Call me today at (310) 453-4016 or email me at Bill@rate.com
Or, Ask Bill Rayman More Questions at: MortgageHelpLosAngeles.com


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