Credit Scoring For Mortgages & The “Soft” Credit Pull

Credit & Home Loans

Credit…. This is the single most misunderstood topic I come across as a lender. I hear many experienced Real Estate agents, Lenders and reputable online resources get this wrong when it comes to mortgage loans.

Why is there so much misleading information? Do you ever look on one website and your credit scores are different from another?  This is because there are dozens of scoring models. This is where a lot of the confusion comes. As you search online you can get conflicting information. Information and advice could be correct for one scoring model and not correct for mortgage scoring models.

Now (as of Spring 2023) top tier (best) pricing is 780 or above credit score in many scenarios. In other words even if you have “good” credit you could get a better rate if you know specifically what your current mortgage model scores are and how to increase them.

With all of this confusion how do you know where you stand? There are a few places online that you can buy mortgage model scores such as myfico.com. A mortgage lender can get your mortgage model scores free to you when you apply. The problem is most lenders only “Hard Pull” credit.

There is a simple solution to find out where you stand without costing any money and without impacting your credit score. We can “soft pull” your mortgage credit reports and scores at Speak Straight Mortgage giving us a much more clear picture where you stand without the drop in score. This way we can advise you on what needs to be done to improve your mortgage model scores without guessing. We have mortgage model specific simulators that can give you an exact path to the best score at the least out of pocket cost.