Financing in Humble>Question Details

roelster8, Home Buyer in Humble, TX

I had several lenders pull my credit when I started the home purchasing process approx 2months ago. Would it affect it if I have another pull it now?

Asked by roelster8, Humble, TX Thu Jun 14, 2012

I know there is a "soft" and "hard" pull but I'm not sure since I have had conflicting reports.

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Generally speaking, multiple mortgage pulls within about 30 days will count as 1. If you've been doing this for several months, you might have a new one count against your score. Why aren't you satisfied with any of the lenders you've spoken with so far?
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
Web Reference: http://www.thecokerteam.com
1 vote Thank Flag Link Thu Jun 14, 2012
Make sure the builder's lender matches the best deal you can find in the market.
Stipulate that if they cannot, you get to use your own lender and keep the freebies.

BTW: Inquiries are overrated.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Fri Jun 15, 2012
As a follow up to your comment, any lender should be able to give you an interest rate quote and fee summary without pulling your credit score. . .since you could tell them what the last scores were. Of course, scores are subject to change if you don't keep up with your payments. Builders' lenders are notorious for giving higher rates, but then you get all the "freebies and upgrades," right? Be a careful shopper and then negotiate hard for a market rate to go with those "free" upgrades. A higher interest rate will cost you many thousands of $$ over the years. . .and the builder is the beneficiary of those profits. There is no free lunch.
Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Fri Jun 15, 2012
The only reason I ask is because the builder was offering an incentive to use their mortgage company(Pulte Mortgage). I am currently happy w/ my prospective lender but wanted to compare. Without getting into much detail, both our credit scores are in the low 700s so no they are not borderline.
0 votes Thank Flag Link Thu Jun 14, 2012
Lender hits are not as bad as say a credit card pulling your credit. In general if several lenders pull your credit they are all grouped together as one inquiry for scoring if they occur withing one month.

Here is what I recommend. If you know your scores nobody else needs to to pull your credit until you decide you want to work with that lender. I am also a mortgage broker and I don't like to pull anybody's credit until they are ready to work with me. It saves me money and it saves my client an unnecessary credit pull.

Credit pulls by lenders and credit card companies are hard pulls but again, mortgage companies do not negatively effect your credit as bad as a lender would.

If you would like a GFE from me all I would need is to get an idea of your purchase price and what your middle credit score is. From there I can give you a GFE that will be pretty much on the money. Any lender can do this. Then when you know who you want to work with have them run your credit when you submit your full application.

I can tell you right now my fees are rates are lower than just about anybody out there. Give me a call or email me your loan details and I will send you a GFE without pulling your credit.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Thu Jun 14, 2012
Barbara is right. The other answer is wrong.
You would have a minor score hit for the inquiry.

The company who developed the FICO Score is the Fair Isaac Co. They own the MyFICO .com website.
Here is a link that answers all kinds of questions about inquiries.
http://www.myfico.com/crediteducation/creditinquiries.aspx

Depending on your credit profile.... the credit hit is generally no more than 2 - 5 points in my experience. Are your scores that borderline?



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Thu Jun 14, 2012
If it is pulled now there would be no affect. But why did he allow so many lenders to run your credit. You could have gotten the credit report from the first lender and emailed it to the rest.
0 votes Thank Flag Link Thu Jun 14, 2012
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