All Forum Posts by: Bob Reinhard

So ...

"Your current rate shopping period is limited to 30 days.  If you want to shop around for interest rates, you should only start the process when you’re actually ready to open an account. The reason? You’re only protected by the FICO rate shopping period for a specified amount of time. 

"When a lender pulls your credit report, the score they receive will not factor in any related inquiries from the last 30 days. If you’re rate shopping your third mortgage lender this month, they will see a score that doesn’t factor in the other two mortgage applications. As long as it’s the same type of application activity and all within the last 30 days, your score is protected.  As long as it’s the same type of application activity and all within the last 30 days, your score is protected. 

"However, this doesn’t apply to other credit product applications. If you’re shopping for a mortgage lender, for instance, the FICO score they receive will factor in that new credit card application you submitted last week.


"Your past rate shopping periods range from 14-45 days.  According to FICO, there are three different rate shopping periods that your past inquiries can fall under. They are 45 days, 30 days, and 14 days; these time frames will count for inquiries not made in the last month, but were still from a time when you were rate shopping. The time period that applies to your score depends on the scoring model your lender uses when they pull your credit. 

"Lenders choose which scoring model they use when pulling your credit; there’s many different types of scoring models, and they all differ in their rate shopping period calculations. Unless you know which model your lender prefers, you have no way of knowing beforehand which rate shopping period you’ll be allotted."

Welcome aboard Francisco!!! 

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!! Bob

Welcome Aboard!
Without making that 20% a partner in the deal, a lender likely will not be willing to lend unless it is a hard money lender. In that case, the 20% will be in a second position lien, making the deal expensive because 1. no one wants or needs to be in a second positions and/or if they are 2. it will cost you a bundle in points and interest rate.

Much success.
Bob

Welcome aboard Derek!!!

Recognizing past errors or issues is a great step. Education is key.

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!!
Bob

Welcome aboard David!! 

It is not much consolation, but others have been where you are and have built themselves back.

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!! Bob

Welcome aboard Chavdon!!  That's a good hands-on approach.

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!!

Bob

Welcome aboard Krysta !!! 

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!!
Bob

Welcome aboard Bryan!!

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!!

Bob

Welcome aboard Daniel!!! 

There are options and alternatives...but all more than a back and forth on here.

Feel free to reach out to me at any time for a discussion.

Wishing you much success from downstate - happy investing !!!

Bob

Welcome aboard Laura!!!

Feel free to reach out to me at any time for questions that are more involved than a back and forth post.

Much success - happy investing !!!

From outside of Danbury,
Bob