What is hard penalty for mortgage?
Date: Tue, 03/19/2019 - 21:02
I have heard about hard inquiry? recently I ahve heard about hard penalty. What is this? Does this mean there will be a hard inquiry for paying back mortgage?
Hard inquiry is triggered
Hard inquiry is triggered when you apply for a credit card or a loan. Too many hard inquires within a span of 45 days won't hurt your FICO score. There will be a hard inquiry when you apply for mortgage.
No, only when you applies for
No, only when you applies for loan, or a credit card, your financial record will be checked by the lenders of creditors. This process is known as hard inquiry.
Paying back mortgage do not
Paying back mortgage do not trigger a hard inquiry. It'll only counted when you apply for a auto loan, mortgage, or credit cards. Each of these types of credit checks count as a single credit inquiry.