Learn About Residential Mortgages - from Silex Financial Group, Inc.

Recent Equifax Data Breach: How you may be impacted when buying or refinancing your home

The Silex Financial team wants to provide some insight into what you need to think about when looking to buy a home or refinance:


In order to qualify for a loan to buy or refinance your existing home, your broker or bank must always run your credit to see if you qualify

If you freeze your credit or set up a fraud alert as a result of the recent Equifax breach, there are several facts you need to be aware of:

  • You will need to contact all three credit bureaus (Equifax, Experian, Transunion) to have your credit unfrozen prior to being able to run your credit.
  • This process can take time and impact:
    1. Your ability to gain pre-approval to place a bid on a home you may want or
    2. Lock a low interest rate


  • If you are looking to buy a home or refinance in the next 90 to 180 days:
    1. Contact your Silex Financial Advisor if you are considering freezing your credit
    2. If you have already had your credit frozen, you can still get a mortgage however there maybe additional cost and timing to close involved.

As your trusted mortgage advisor, we want to make sure that you understand the implications of current market trends and news on your ability to get the best interest rate and have the smoothest closing on one of the biggest financial and personal decisions you will make this year.

If you have any questions or are interested in discussing how to get the best rate on a new home or refinance, please do not hesitate to call the experienced Silex Financial team @ 973-423-0506.
Or go to www.silexfinancial.com for further information.