Thank you very much for taking the time out to help me. You have all been very helpful. Thank you as well Jason, for I have been told the same thing.

People,

What are you telling this person about pulling credit scores? The two most recent answers below are misguided. The Fair Isaacs Company (FICO) has a website. On their website is a section called "Credit Education", and in that section is a tab called "credit score facts and fallacies". Anyone on this site claiming to be informed enough to give recommendations on credit needs to read this thoroughly.

Here's a link:

http://www.myfico.com/CreditEducation/FactsFallacies.aspx

And here's a fun quote from that link:

FALLACY: My score will drop if I apply for new credit.
FACT: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called “inquiries”) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

Mrsjustbizz, please speak with a mortgage expert for your needs. You are asking the right questions, just getting the wrong answers. Speak to a few banks and don't be afraid of your credit scores. It's a scare tactic. More importantly, no bank worth a grain of salt will give you an approval of any kind without knowing the particulars of your financial picture (including credit profile).

Good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

Each time your credit is pulled your score will go down 9-12 points. If you know your credit score then you can call and ask all the questions you wish and give them the score but do not allow them to pull your credit until you choose a broker or a bank or credit union for your financing! good luck!

I highly recommend that you shop around to at least 3 banks within your reach and find out what programs and interest rates they can offer you. The only thing is, YOU CANNOT LET ALL THESE BANKS RUN YOUR CREDIT because it will drop your score. All you have to do is go online to a site like http://www.FreeCreditReport.com and get your credit report from all three credit services so you can get your low, middle and high score. You can use this same report for three months and make copies to give each mortgage rep at the bank.

Dear Mrsjustbizz:

Have one bank run your credit report and then get a copy of it from them to show to other banks. Also bring your last two years tax retunrs and last three months bank statements. I would suggest you speak to two mortgage bankers and one mortgage broker as you shop.

Make sure you find out how much you can borrow, the interest rate they can offer you, how much the closing costs will be and if you have to pay any points. Also ask them if you can lock in the rate, for how long and what kind of fees you would have to pay to lock in.

If I can be of further assistance, please let me know. I am a loan officer and real estate agent. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Phone: (718) 645-1665
Email: MitchellSFeldman@aol.com

Mrsjustbizz,

Jason below is correct, you should certainly speak with a few lenders to find the one you are most comfortable with. To be perfectly clear- shopping with more than one lender for rates will NOT hurt your credit scores, this is often a scare tactic used to keep you from looking at multiple lenders. Take a look at the link below for more information, and good luck.

http://www.myfico.com/CreditEducation/FactsFallacies.aspx

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

You can do preliminary shopping at different lenders, and not go all whe way until you've decided which lender you prefer. Explain to each one that you are shopping, and ask what differentiates them. Also explain to them that you don't want the shopping to hurt your credit. Good lenders will educate you on what to do and what to avoid to keep a good rating. Best of luck!

Absolutley get quotes from at least 3 different lenders. This way you will be an educated shopper and pre-approved with the lender you feel the most comfortable with. Make sure each lender gives you a good-faith estimate which is an approximate accounting of what it will cost you at the closing table along with mortgage payments..etc....It's very smart as a buyer to get pre-approved before you go shopping. With a pre-approval letter in hand you have the ability to show any seller that you are ready and most importantly able to do business. This might allow you to get a better deal. Also getting pre-approved lets you know how much house you can afford so you aren't wasting time looking at home that you would not qualify for.

When shopping for a mortgage it will not negatively effect your credit.