Financing in New Haven>Question Details

Roshan, Home Buyer in New Haven, CT

Will if affect my credit if I go to a couple different banks/lenders to see how much we qualify for?

Asked by Roshan, New Haven, CT Wed Mar 7, 2012

From my previous questions, I now know that to have a proper I need to know how much I'd be approved to borrow and the rates. Also that I can shop rates, but in order to do so, won't multiple banks/credit unions/lenders have to do a hard pull on my credit history? If so can that hurt me in the long run?

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A couple of you mentioned it will not have a negatvie affect for a limited amount of time. How much time would that be? Suppose we don't find a house we like within that timeframe, would we have to get pre-qualified again? And would it in turn ding our credit again?
0 votes Thank Flag Link Wed Mar 7, 2012
Hi Cedric,

Why do you suggest to go with a mortgage broker?

According to what I've read and advice from friends, I was told to get my mortgage directly from the originator. While a broker can shop around more, they also take a percentage for their efforts. And also send people to certain lenders who give them kickbacks.

Is this not the case?
0 votes Thank Flag Link Wed Mar 7, 2012
choose a mortgage broker and they find what is available
0 votes Thank Flag Link Wed Mar 7, 2012
It is not supposed to, but it can, so I would limit the number of banks you contact. Frankly, it's one of the reasons buyers use mortgage brokers rather than going to a specific bank. Brokers pull the credit report once and then have several lenders they work with. Sort of one stop shopping.
0 votes Thank Flag Link Wed Mar 7, 2012
When shopping for a mortgage it will not have any negative impact on your credit score for a limited amount of time. This will give you a window to shop for the rate you are qualified for.
0 votes Thank Flag Link Wed Mar 7, 2012
My best suggestion is to use a mortgage broker. They typically work with a large number of lenders and can usually shop rates. When your credit is pulled an inquiry is noted on your report, when you are mortgage shopping among lenders whithin a short period of time the multiple inquiries for a mortgage usually don't count against you.

Get in touch I have a few excellent brokers I can suggest.
0 votes Thank Flag Link Wed Mar 7, 2012
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