How getting the first mortgage affecting the credit score?
by Mortgage Rates on Tuesday, November 30th, 2010 | 3 Comments
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Your score will definitely be impacted at first. But it isn’t something you should worry about at all. Firstly, you’ve achieved the biggest thing that you can ever achieve with a good credit-score…a loan on a home. Second, you’re score may drop 30-40 points at first but after a year of on time payments it’ll jump dramatically. Thirdly, there is nothing that will require a credit score that high, (except perhaps another mortgage) and if there is something else you’re trying to get you can now use your home as collateral (seeing as you have 20% equity.)
You can find the answer to this at http://www.freearticlesdb.com/finance/mortgage-debt-advice.html
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – creditreport.imess.net