The Mortgage Corner with Greenstate Credit Union: If I have my credit score pulled, will it negatively impact my credit score?

If you're in the market for a mortgage, you may be wondering if having your credit report pulled will have a negative impact on your credit score.

What happens when my credit report is pulled?

When you apply for a mortgage, the lender will pull your credit report as part of the application process. This is known as a 'hard inquiry', and it can temporarily lower your credit score by a few points. This happens because the credit scoring models view applications for new credit as a sign of potential risk.

However, it's important to understand that this impact is usually minimal and temporary. In most cases, your score

The Mortgage Corner with GreenState Credit Union – February 2024 edition

If you've ever tried to get in shape, you know that there's no magic formula for exercising and eating right. You need the discipline to put your knowledge to work in the real world - even when it would be so easy to grab a super-sized burger and skip that trip to the gym.

Becoming financially healthy is not so different - there are just a few things to know, but just because something is easy to understand doesn't mean it’s easy to do. Luckily, you can often start to see benefits of effective financial management right away - in the form of extra cash.

Step 1 - Earn more money than you spend.

The first rule of achieving financial stability is to ensure that

The Mortgage Corner with GreenState Credit Union: How an Extra Payment Will Impact Your Mortgage Balance

Curious how making an extra mortgage payment will impact your mortgage balance?

For many, the thought of paying off a mortgage can be daunting, especially when looking at a 30-year term. However, making extra payments can help you save thousands of dollars in interest and payoff your loan quicker.

Understanding Your Mortgage

When you first start paying your mortgage, the majority of your payment goes towards interest. As time goes on, more of your payment goes towards paying off the principal. This is known as amortization. Making extra payments to your mortgage can significantly speed up this process.

Benefits of Extra Payments

The Mortgage Corner with GreenState Credit Union: The Process of Buying & Selling a Home at the Same Time

Buying or selling a home can be stressful. It's not just about finding the perfect property to move into or finding the right buyer for your current home; it's about timing it right, qualifying for loans, and managing finances. And when these two significant life events happen simultaneously, the stress can be overwhelming. But don't fret. With the right preparation and guidance, you can navigate through this process smoothly. Here are a few tips to think about as you consider your next home purchase.

Getting Your Finances in Order

The first step in this journey is to get your finances in order. This includes understanding your current

The Mortgage Corner with GreenState Credit Union: October is Financial Planning Month!

Did you know that October is Financial Planning Month? If you haven’t taken stock of your finances lately — specifically your household budget — it’s the perfect time to do so. A good household budget can help you better manage spending and save for your financial goals, like buying a home, paying off debts, or even just taking a much-needed vacation.

Are you ready to update your household budget this month? Take these steps:

1. Know your after-tax income. Before you can create a smart budget, you need to know how much money you’re bringing in each month after taxes. This will, of course, include your salary, but any extra income should be considered as