Mortgage Loans

[ndpace]

I want to move some money from a mature CD into a new rewards account at the credit union to get 6.1%  but the credit union says they have to run my credit first to let me add the money

There is a 50% chance we will be buying a second home soon (first home paid off) and applying for a loan.  Will their running my credit affect my credit much to the lenders I will be checking with?  My score is a 808

Thanks,    Jim

[MidnightVoice]

---

ndpace wrote:

I want to move some money from a mature CD into a new rewards account at the credit union to get 6.1%  but the credit union says they have to run my credit first to let me add the money

There is a 50% chance we will be buying a second home soon (first home paid off) and applying for a loan.  Will their running my credit affect my credit much to the lenders I will be checking with?  My score is a 808

Thanks,    Jim

---

With a middle score that high an inq might drop your score or might not, but it will still get you the best possible rate

[Ausfarm]

Generally speaking, a middle score above 680 should get you the best rates out there.  Of course, this all depends on the lender.  You can try calling the lender you're insterested in and asking what credit score is required to get their prime rate.  Once you reach that score, there will be no rate difference between a person w/ that score (usually 680) and a person w/ an 800 fico score. 

[ShanetheMortgageMan]

The inquiry (and resulting few point drop from it) should still enable you to qualify for the best rates.  If you don't have a down payment for the new home, or if you don't have enough of a down payment, then you might look into cashing out some equity in your paid off home to use as the down payment.