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Pre – Pre – Approval Quick Tip

General Mark Goode 28 Mar

 When entering into the loan process, it’s not in your best interest to go out on a shopping spree. No new car, new appliances, all of these very tempting ‘extras’ should be saved for after you have secured your mortgage and after you KNOW that you can afford them. You need to make sure you are not creating a negative impact on the score while the lender is reviewing it. Secondly, a Tri-Merge Credit Report. This combines the scores provided by (1)Fair-Issiac (FICO), with the score generated by (2)Trans Union (Empirica) and the Beacon Score produced by (3)Equifax. We are providing the lender with the rounded profile because these three scoring systems can vary in their results. The lender is going to look at the middle score and throw out the other two. This is, in many cases, a benefit to you.

Mortgage Man – Dominion Lending Centres | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca

Original Article credit to: Tim Braheem President, First Rate Financial Group, Westlake Virginia, Calif., 818/707-4131, E-mail: timb@firstratefinancialgp.com

Article may have been edited for content. Corin Payie MMDLC

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