Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Danielle Engels from Dakotaland FCU. Listen, as she explains how a lender pulling credit for a loan prequalification is different than looking up your credit score online. You can reach Danielle at 605.697.5922 or daniellee@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com


Credit Scores and Lender Prequalifications

- Here we go. Good morning. Shane, here. From the Brookings Home Team Powered by Century 21. We're going to scoot this here a little bit. Monday morning, 8:15. And that means it's Monday Morning Mortgage Tip. Got Dani here from Dakotaland Federal Credit Union to talk today about the Monday Morning Mortgage Tip. But before we do that, as you guys come on, please let us know. Give us a heart, give us a thumbs up. If you have any questions for us too, please, please let us know and we'll be happy to answer that on this episode or maybe on the next one depending on the time. So, with that being said.

- Good morning.

- Emmy, you're not Emmy. Go ahead, what do you got for us?

- All right. I feel like a lot of times when people come in they typically will ask about their credit score and a lot of people, seems like, are very tech-savy now days. And they use that Credit Karma app or I know there's others ones out there through like Discover or Capital One. There's different apps you can use to kind of monitor your credit. It does differ. A little bit. Like Credit Karma is a popular one so they pull just from two bureaus where when you come in to get pre-approved for a mortgage, we're going to do a tri-bureau pull and then use your average score. So, I always, you know, tell the members, it's a great tool. It's great to monitor what's going on with your credit if you're past due on a payment or something would pop up and you're not aware of it then definitely that would be the time to investigate it. And I know it gives you notifications so it helps trigger that to keep you aware of what's going on with your credit. But just realize, when you come in to apply for a mortgage, it might not actually match up, you know, number for number when we pull your credit.

- Perfect. Yeah. So, like you said, you pull from all three major ones and this Credit Karma pulls from two?

- From two of the bureaus. Yep. It's Equifax and Trans Union, I believe.

- That it pulls from?

- So they don't pull Experian.

- So, yeah, that can affect your number a little bit there and obviously, depending on where you're at financially, and debt-to-income, could either put you on the fence or jump you up above

- Right.

- below the next level, so.

- There is one website you can go to Annualcreditreport.com and once a year you can pull from all three bureaus so one bureau per year, that does not give you your credit score either but it gives you what you would have as far as what's reporting. And if there's anything derogatory or anything like that.

- Okay. Can you give that website one more time?

- Yep. So, it's Annualcreditreport.com

- And then, people still can pull from like Equifax or Trans Union and what is it? Once a year?

- Yep. So, I think you can go either individually or you can just go to that website and pick which bureau you want.

- Okay.

- So, you wouldn't have to do all three bureaus if there's one bureau, in particular, you were interested in looking at.

- Okay.

- But, yes, you get to do that for free from, so one time from each bureau one time a year.

- One time a year.

- In twelve months. Yep.

- All right. Good information. Yes, so keep an eye on that. Like she said, it's a great tool to kind of see where you're at. But you do have to come in and actually get pre-qualified and a little bit more questions and answers and stuff like that.

- Exactly.

- Takes place. So, thanks for that tip here Dani. Appreciate that. And, of course, if you have any questions for her I'll have all of her information on the top, on the bottom, on the sides, where ever your device allows you to see that. Feel free to reach out to her at anytime. And like I said, feel free to share or tag this video with anybody else you think would benefit from it as well. So, we'll be back next Monday, for our next Monday Morning Mortgage Tip. You guys have a great week and I hope to see you soon. See ya.

- Bye.



Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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