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This website has been made available as a convenience to you because we believe it may be of some value to your purpose. MVFCU does not endorse the products and services found on this site and they may not be insured by NCUA. Further, the privacy and security policies of the linked site may differ from those practiced by the credit union.

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You are now Leaving MVFCU's Web Site

By clicking CONTINUE below, you will be leaving MVFCU's website and directed to a resource that includes data not hosted on our website.

MVFCU encourages you to review the privacy policies of this and all third party websites. MVFCU is not responsible for any information contained on third party websites, including timeliness, quality or effectiveness of its information, products or services.

This website has been made available as a convenience to you because we believe it may be of some value to your purpose. MVFCU does not endorse the products and services found on this site and they may not be insured by NCUA. Further, the privacy and security policies of the linked site may differ from those practiced by the credit union.

Thank you.

 

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MVFCU Financial Education

MVFCU's Noelle Kai Presented by Noelle Kai

Question of the month


Question: I want to apply for a loan, but won’t it negatively impact my credit score?

Answer: When shopping for a mortgage loan, it is a good idea to get estimates from more than one lender. Closing costs, interest rates and loan programs will vary from one institution to another.

In order for a lender to properly review your application, they will require a credit pull. However, there is no need to worry about this inquiry as the FICO scoring system was built to protect consumers. Unlike credit card applications that can potentially increase your indebtedness and therefore lower your score, multiple mortgage applications are treated as if you applied for only one loan. Consumers are granted the ability to shop for a mortgage with numerous lenders without the fear of multiple credit “dings” adversely affecting your FICO score. All mortgage loan shopping done within a 14-day period will count as a single credit pull as the credit bureaus tend to count the first inquiry and ignore subsequent queries.

So, shop around. Don’t be afraid of what your credit report will show, or how it could affect your FICO score. Let us help you review your report, and get you on your way to making those home dreams a reality.

 


MV Financial Literacy Resources:

» Get REAL Financial Reality Fair «
Get REAL is project designed to teach financial literacy to high school students.

 

» Budgeting Basics «
A short pre-recorded webinar on starting a budget.

 

» Savvymoney »

Link to SavvyMoney

SavvyMoney gives you a personalized game plan for paying off debt. You'll be debt free as much as five times faster than the average consumer.

In just minutes, you will receive a thorough analysis of your financial situation, including powerful tips by leading financial experts to help you control your debt, build a budget, and start living the life you want to live.

What You'll Get:

You'll also get to take advantage of the following benefits:

And the best part is that no payments or credit cards are required, because this is offered to you free of charge through MVFCU!

» Get Started Now «

 

» Financial Calculators «

Make Thoughtful and Informed Decisions About Your Finances!