Credit drop due too my mortgage being sold off

[Mark Perea]

So I’m having my Coffee and getting my financials ready to go meet my lender today to do my first deal. I check my credit score and notice my score dropped from 700 to 648. My mortgage company sold my mortgage on my personal house and it says the account is closed. I am so mad right now I could spit nails. I made a cash offer 4 days ago and now will have to use a lender too finish the deal. I’m afraid this will stop me dead in my tracks. The new mortgage has not shown up on my account yet.

Please Help!

[Lynn McGeein]

Paying off a home loan usually boosts a credit score.  We had our mortgage sold off 3 different times in 2 years, and it did not affect our score.  Newer loans, hard credit inquiries, too high of balances will definitely impact your score.  I also am not sure why you're worried about how your credit score affects a cash purchase as all you usually need is proof of funds.