There may be some information of interest on this subject in my blog entry Credit Repair can be a Crime
See the blog link below, hope this helps,
I went to the source to verify this information: Fair Isaac which is the company that created and continues to upgrade and maintain the credit scoring systems. Their website clearly indicates that mortgage inquiries do not affect a credit score.
And I quote: â€œDoes the formula treat all credit inquiries the same?
No. Research has indicated that the FICO score is more predictive when it treats loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, the FICO score ignores inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries wonâ€™t affect your score while youâ€™re rate shopping. In addition, the score looks on your credit report for rate-shopping inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score.â€
You can read this and more great information about credit scores on their website: MYFICO.com
Trevor Curran NMLS #40140
Each time you: apply for a new credit card, ask your credit card to lower your rates or increase your line of credit, apply for a loan or just a pre-approval letter, cancel a credit card, your credit score will be negatively impacted. During your search to buy a home try to avoid all of the above except of course the unavoidable preapproval inquiry, and update it as needed. Your score is fine by the way.
In short the answer is yes your credit score is lowered. Typically less than five points or less because this is considered a hard inquiry.
Please see the attached link for an extesive explanation.
Best of luck.
Licensed Real Estate Agent
1408 White Plains Road
Bronx, NY 10462
It's best to talk to a mortgage professional about that, but from my experience, unless you have too many inquiries into your credit, a loan application won't affect the score.
Hope this helps,
BOND New York
Direct: 646-39-RENYC (646-397-3692)
always ask for an initial fees worksheet and compare line by line. Beware, many online lender intentially under state fees, including interest rates to draw you in