Open House - The Real Estate and Mortgage Show
This week on The Real Estate and Mortgage Show, Erin Peck and Sara Orr fill in for Paul Rushforth. The ladies join Steve and Frank to discuss credit checks and when getting one can hurt you.
In this week's Podcast, Steve Gregory and Frank Napolitano are joined by two members of the Paul Rushforth team; Erin Peck (Sales Representative Selling Partner and Sara Orr (Closing Manager). This week we learn about shopping around for a mortgage rate, the importance of knowing the contents of your credit report and much more.
It is very common for homeowners to renew their mortgage without taking the time to research other options. Frank reminds listeners that calling a Mortgage Broker doesn't cost anything, and has the potential to save you thousands of dollars in interest over the long term.
Convenience is only one benefit to enlisting the assistance of a Mortgage Broker. Having access to multiple lenders allows a mortgage professional to research several different rates and terms for you, while only pulling your credit file once. Choosing to approach several different banks yourself will cause each individual institution to access your credit file, which has the potential to negatively impact your rating in the future. It is recommended to review your own credit file once per year to ensure it is up to date and accurate. Those with bad credit or a bankruptcy should avoid credit checks for 2-3 years and ensure to stay well below the limit on credit products (25% or less.)
To listen to the full Podcast from CFRA, click here.