Shauna Amdor

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Shauna Amdor
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Champaign
Banking
Marine Bank
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Champaign
IL
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Will my credit score drop if I apply for a new loan?

Typically, credit inquiries from mortgage or auto lenders will have little impact on your credit score. If you apply for several credit cards within a short period of time, multiple inquiries will show up on your credit report and may lower your overall score by a few points. The most important factors for maintaining a good credit score are keeping your debts within your ability to pay and making timely payments. Marine Bank’s Vault Checking offers a monthly overview of your credit report and credit score, along with tips for improving your score.

What are the benefits of an FHA mortgage?

Because FHA loans are backed by the Federal Housing Authority, it can be easier to qualify for them than for conventional mortgages. FHA loans require down payments as low as 3.5% of the home purchase price, while most conventional mortgages require down payments ranging from 10 to 20%. And, you may be able to limit your out-of-pocket costs by wrapping closing costs into an FHA loan. Marine Bank is an approved FHA lender, and we would be happy to answer your questions about FHA loans.

Shauna Amdor
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Shauna Amdor
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