was beginning its slide into economic uncertainty and I was fearful of starting the process over - so I stuck with Quicken.About a year ago i upgraded from Quicken 2007 for Mac to Quicken Mac subscription Version 6.2.1 Deluxe (not sure if that is 2017, 18, 19, 20 or what). I did not see better offers elsewhere - in addition, the U.S. The good news, though, is that you get 10 days to apply for better terms elsewhere without additional inquiries dinging your score further. That action may hurt your score temporarily. More from Personal Finance: Cooking more under quarantine? How to trim your spending Here's what happens to unpaid debts when you pass away Picking a side hustle for your pandemic extra cashĪdditionally, when you start the application process, the lender will ask to make a hard inquiry on your credit report. We locked in at 3.5%, although we also paid two discount points to do so (one point is equal to 1% of the loan). While I can't say with certainty how much it affected the terms of my refinance offer from Quicken, excellent credit scores - 760 or higher for mortgages - typically snag the best offers. The actual score pulled by Quicken was just shy of 750. In my case, my VantageScore (available on Credit Karma) was approaching 800. While I've known about this phenomenon, I didn't know whether I'd see a big disparity.
This means there could be a difference between the score you follow and the one used by your lender. Generally speaking, the score tracked by many consumers is not that classic FICO score. However, unless you input your "classic" FICO score - which most mortgage lenders use in their decision-making - the output may not really be applicable to you. There are sites that let you enter your credit score to see what type of refinancing terms you may qualify for.
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