Due to its ability to process high volumes of federally regulated mortgages, Service 1st Mortgage can provide low-interest rates to its clients. Service 1st Mortgage also hosts a resource library on its website that advises homebuyers on topics pertaining to securing a mortgage, including credit scores.
Credit scores determine the type of mortgages and interest rates an individual qualifies for. If a criminal is able to use a person’s private information to take out loans or lines of credit, it can be detrimental to their credit score. Even if the individual reports the crime, the correction process can take months.
For this reason, many personal finance experts recommend freezing credit accounts. When a credit account is frozen, no one will be able to open a new account with the individual’s personal data. The three major credit bureaus all allow clients to freeze their accounts for free.
People interested in protecting themselves from fraudulent debts should freeze their accounts as soon as they begin house hunting. However, because lenders will need to review the individual's credit history, homebuyers should expect to pause the freeze temporarily during the mortgage approval and closing processes.
