Ever hear of a "soft pull" credit report?

A "soft pull" credit report is required by lenders/investors prior to a loan closing in order to determine whether or not a borrower has applied and/or taken on additional credit obligations. Most investors require that this "soft pull" report be done no more than 5 days prior to closing.

Why is this important?

Additional credit obligations may impact a borrower's ability to qualify for their loan. Known as the "Quiet Period", the lenders want to see no additional debt incurred during this time. Wait until after your closing date to go open that department store credit card or take on a car loan.

Who knows what clear-span construction is?

From the Chicago Architecture Foundation's Website:

"a structural system that does not use any columns between the exterior walls"

Think Mad Men.  Think about the cubicle farm you probably have worked in.   It doesn't seem like such a big deal today but back in the day, a building needed a lot of interior columns and walls to hold itself up.  The Mondanock Building on Dearborn and Jackson is a great example of this.  In a building like that you don't get big big open rooms.   With engineering advances - mostly developed here in Chicago I might add - the building was able to start holding itself up with an exterior cage-like structure.  This left the interiors able to have much bigger open spaces uninterrupted with columns and walls.   The picture above by the way is the Inland Steel Building on Monroe in Chicago, designed by Skidmore, Owings & Merrill.   My uncle, Tevis Freeman, was an architect on this amazing project.   

The Mad Men tv set.

Who knows what bundled tube construction is?

Ok, this sort of post is dry I know but it is still important - sort of like your Great Aunt Rita's pot roast.

This again is one of those boring things that we all face one time or another - just like your Uncle Harvey's vacation slides from his trip to Yellowstone.

Credit reports shouldn't scare you.   Credit reports while you are shopping for a mortgage shouldn't scare you either.  You may worry about shopping your home loan around to a few lenders because you worry they will each pull your credit and make your score go down.

Seriously, there are way more important things going on in the world to worry about.  This isn't one of them.

Why?  It is because if the lenders pull a credit check within a short period of time of each other (45 days) the credit scoring systems view those as just one single pull.   The credit scoring systems understand that you are shopping for the best deal on your loan and they won't ding your score for this.

Now go back to sleep.  Everything is going to be ok.

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