Latest / The Assumable Guy Show
How Does an Assumption Affect My Credit Score?
A lot of buyers find a rate in the twos and then talk themselves out of it over a credit myth. Ryan clears it up fast. When you assume a mortgage you are not inheriting the seller's credit history, their late payments, or any of their baggage. The loan transfers into your name as a brand new account dated from the day you close. He walks through the only two moments that actually touch your credit, the soft pull at pre-qualification which costs you zero points, and the hard pull at closing which drops your score a few points and bounces back within a couple months. He also covers something…
The skinny
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