Morgage Quote

[paracetamol1]

I've heard that everytime you for a morgage quote a footprint or black mark goes against your credit rating. Is this true? if so i also heard you can get a borrowing amount for a morgage but you ask for something else instead of the words morgage quote - anyone any ideas..i knew i should of kept the article!

[trevHCS]

If that was the case no one would be able to get a mortgage as they'd have a lower credit rating when they actually applied for it formerly than when they got the quote so you'd end up being able to borrow less than they said you could in the first place.

Then you'd need to reapply for the mortgage which drops it further and no one would get a mortgage. It will no doubt be recorded that you asked for a quote, just like it's recorded with anything else credit related.

Also to the best of my knowledge, there is no black mark - it's simply a number which calculates the amount you earn, whether you've been good in the past etc. etc.

[Mrs_Pegasus]

Do not confuse credit ratings with credit history.
Every time you apply for credit be it a mortgage a card or loan, the search is recorded on your credit HISTORY. Lenders have their own credit SCORING based on various factors i.e. the amount you earn, how much you already owe, how long you have been working etc etc.

When you apply for a mortgage you will be accepted 'in priniciple' and you will receive a 'certificate' as such but this is based purely on you and your earnings and circumstances and is usually valid for 3 months depending on the deal you have got. If you then find a house as long as it is accepted by the lender then you will obtain a mortgage for that property.

[BBWCHATT]

Here in the USA everytime someone does a credit report on you, it drops your credit score 15 points - however, after 90 days it goes back like it was before it dropped. When people are buying a house - they request that a mortgage company or a bank - whoever they want to get the mortgage for them - give them a pre-approval to buy a house. The company then pulls their credit and takes all the information on the buyer and determines how much they qualify for - they then give them a letter telling them that they have been pre-approved for X number of dollars and will need a downpayment of X when they sign the closing paperwork. The buyer finds a house costing that much or less and the lender has it appraised and gives them a mortgage. All that is left to do is move in and start making those mortgage payments!!!