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Old 01-08-2010, 02:36 AM
 
8 posts, read 64,745 times
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Hello,

I am interested in a new build community and had a question about the process and order of how it plays out.

1) Negotiate price and agree on contract

2) Builder runs credit to be approved

3) Time for home to be built (3- 5 months or so passes)

4) Builder checks background again (employment, etc) and RERUNS CREDIT AGAIN roughly 30 days B4 Close

I am aware that a mortgage inquiry credit check will affect your credit roughly 30 days after the initial application. SO that means that on a new build community, after the several months required for the build time to complete the home, your Fico score will be lower as a result on the 2nd credit pull.

I know it's not by much, (maybe 5-7 points) however, my Fico scores are 710 TU and 707 Equifax. I'm just concerned on the second credit pull, my Fico may drop under 700 and give me a much worse interest rate as a result of dropping into the 600's.

Anybody have an experience similar to this where they ultimately had a higher interest rate and consequently paid more? Do I have it wrong somewhere? Any advice?

I appreciate any feedback.

Last edited by rob stolen; 01-08-2010 at 02:55 AM..
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