How much of a score drop for first-time mortgage?

[Anonymous]

How much did your score drop, if any, due to the reporting of a new mortgage? We're in the process of buying, and I'd like to know what to expect. Thanks!

[Anonymous]

It might drop a bit from the inq and new loan - however, mine went from around 697 before the mortgage (with higher amts on CC) to 798 about 8 months later...(with a reduction in CC amt).

The general idea is that, if you don't have any other loans, the mix will be helpful and the inq will decrease in amount impacting after a bit (1 year usually) - you should be fine but expect a 20ish point drop in the first few months just from the initial hit.

[Lel]

Many people report a near-term positive impact on scores after adding a mortgage to their credit profiles, despite the inquiry and new account effects.  About 6 weeks after we bought our home, both DW and my scores were 10 points higher.

When I refinanced a home equity loan two years ago, my score dropped by 7 points, but recovered pretty quickly - back to its prior level within a couple months.