And now the fun begins.....

[Achillia]

I'm a total noob on buying a home, and I'm about to jump into the icy swimming pool.

 

Just out of curiosity, how much of a hit will my FICO score take once I am approved for a mortgage? What should I expect?

 

I have been taking meticulous care of it for quite a long time now, but I am not completely debt free and I was hoping that maybe after this is all done I would be able to apply for a 0% BT card to out the debt I have into the freezer for awhile. If this is truly unrealistic, I might put down a slightly smaller downpayment.

[hegemony]

59 minutes ago, Achillia said:

I'm a total noob on buying a home, and I'm about to jump into the icy swimming pool.

 

Just out of curiosity, how much of a hit will my FICO score take once I am approved for a mortgage? What should I expect?

 

I have been taking meticulous care of it for quite a long time now, but I am not completely debt free and I was hoping that maybe after this is all done I would be able to apply for a 0% BT card to out the debt I have into the freezer for awhile. If this is truly unrealistic, I might put down a slightly smaller downpayment.

in my experience when a mortgage starts reporting it is +- 10 points. Installment loans have a much smaller impact on FICO scores than revolving accounts, especially if you have a thick file.

 

good luck on the mortgage process!

[Achillia]

28 minutes ago, hegemony said:

in my experience when a mortgage starts reporting it is +- 10 points. Installment loans have a much smaller impact on FICO scores than revolving accounts, especially if you have a thick file.

 

good luck on the mortgage process!

 

Thank you! I am hip deep in documenting every damned thing I have! I have never been this anxious ever. Sigh.

 

And thanks for that news. Ten points I can deal with. I was just afraid it would tank.