Home Buying in Austin>Question Details

kelly, Other/Just Looking in Austin, TX

Can we get pre-qualified without pulling credit?

Asked by kelly, Austin, TX Mon Oct 7, 2013

My boyfriend and I would like to start looking at houses to buy and we would like to get pre-qualified so we know what price range to look at. One of us has a poor credit score but we have improved it by over 40 points in the last 6 months and we are trying to keep it on an upswing. We do not want a mortgage inquiry to disrupt our progress. We know our scores and all other info needed to be pre-qualified. I'm looking to talk to a realtor or lender that could work with us. Thank you!

Help the community by answering this question:

Answers

14
It will probably not be possible because your credit score is an important part of your pre-qualification. Although you have been improving it, pulling your credit won't do much to your score. Either way, you are going to have to need your credit pulled for a pre-qualification. Also, how low is it? I have been able to give out loans with scores as low as 580. So if you are at that range or above, you should have a chance at getting loan. If not, keep up the work with improving your credit. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
Yes, you can. Just tell the lender your credit score. You'll get general information about what you can afford to buy. Approval, of course, will be subject to verification of your credit score and many other factors.

After you've found a house and you are ready to make a formal loan application, they will definitely have to check your credit.

When you're ready to buy, the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Wed Oct 9, 2013
Hello Kelly,

Please give me a call. I am a Realtor and Mortgage Broker. One thing to understand is you do need to know where your scores are. If you are using sites like Credit Karma or other similar sites you cold be way off. For example. I had a client tell me his score with Credit Karma. This website is run by TransUnion. One of the 3 major credit bureaus. So you would think their TransUnion score would be exact but that is not always the case.

His credit score with TransUnion was actually over 50 points less than what the website said. So to be honest you need a baseline to know where you really stand or you could find out you have a big problem and not have enough time to figure it out. So have one lender pull your credit. That is all you need. One thing to know is a mortgage inquiry is not going to effect your scores too much at all. But once you know your scores you do not need to have a bunch of companies pulling your credit even though they are essentially grouped into one inquiry if they are from a mortgage broker or company and occur withing a 30 day period.

So here is what you should do. Find out what your real credit scores are. There are a number of ways to do this but working with a lender or broker who will take the time to guide you in improving your credit is the best solution. I have given tips on how to improve a clients credit on this site many times and you can go back and search though my profile to see what my tips are or you can give me a call to discuss.

Hope this was helpful and if you would like to talk please call or email me anytime.

Best of luck to you both.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Wed Oct 9, 2013
HI Kelly,
Unfortunately you cannot get pre-qualified without your score being pulled first. My suggestion is that you research lender rates, and if you know a particular lender you want to use i.e. a credit union etc. then that is who you go to ,to get your pre-qualification. As you may already know this will allow you to know how much you can borrow for the home you want to buy.

Having your credit pulled once is not going to effect your score, its when you have it pulled from multiple lenders that your score begins to depreciate- which is what you don't want. Also, do not apply for any other credit or buy anything on credit i.e. a car etc.

On the other hand if you know of a broker, or can be referred to one- this is a good choice as well because they are able to find the best rate for you based on your credit score, meaning when you apply with just one lender/bank you can only get their best rate but a broker can get you the best rate with a larger group of available lenders- only thing is that you may pay a bit more for closing costs but as with buying a car, you can negotiate sometimes.

the thing to remember is that you are in control of your purchase- don't ever let anyone or any lender try to push you into something you don't want to do. I hope this helps.
0 votes Thank Flag Link Tue Oct 8, 2013
A single inquiry is not going to significantly affect your credit score. It won't "disrupt our progress." It'll be a minor--repeat--minor hit. That's a destructive myth.

Congratulations on improving the score. Keep at it.
0 votes Thank Flag Link Mon Oct 7, 2013
A car dealer put two car loan inquiries on for only one credit pull already this year, so another would actually hurt the score. I just want to talk to a lender and tell them where we are and see if they think we should keep working on it and try in a few months, or if we could potentially be pre-approved now, but I don't want a 3rd inquiry to show up just for asking. It scares us away.
Flag Tue Oct 8, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Yes, you can. However, typically realtors work with clients who are pre-approved and not pre-qualified. Pre-approved means clients already submitted their necessary documents to the lender and have their credit pulled and therefore, pre-approved for a specific amount of loan. Pre-qualified means lenders just take your verbal information and qualify you to a certain loan amount. There are just too many things that don't turn out right when a client is pre-qualify and not pre-approved and most agents spent endless time, effort and money to take care of their client and yet the transaction doesn't go through. So if you want a dedicated agent who is committed 100% to you, I would suggest getting a pre-approval. You can even ask the agent for a lender referral.

I know of a real good agent in Austin, let me know if you'd like to be connected to her. She also has lenders that can help you.

Take care,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Mon Oct 7, 2013
Kelly, there is a huge difference between "pre-prequalification" and "pre-approval".... To be very specific, you CAN get pre-qualified IF you already know all of your information accurately and currently as you stated above. A lender can take all of the information you give him or her and tell you approximately what/how much you are qualified for. They can give you a ballpark and tell you how much you qualify for, and when you will qualify for based on your credit improvement, so you can start getting an idea of things online perhaps.

However, to be "pre-approved" that means they need to pull your credit and verify all of that information for themselves, like assets, debt, income, job history, etc. You should actually get pre-approved BEFORE you start "actively" looking for houses on your own, or more smartly with a Realtor. As one agent mentioned below, most agents do not start driving clients around until they know if they're qualified and more importantly what they're qualified for (ie: price range/type of home/condo/etc.) Also, a seller will not accept an offer typically without a pre-approval letter from a lender and verification of that information. To do that, a lender must pull your credit and look at your credit scores. as other agents have mentioned, your scores can be pulled numerous times in the same 14 to 30 day period for the same purpose (ie: a mortgage) and not affect your score. Basically, once you start to get closer to the time to purchase, you will need to have a lender actually pull your credit and review all of your documentation. You should probably do that about 3–6 months away from the date of your anticipated purchase.

If you would like to contact me directly, I can get more details and have you speak with a good lender to give you an idea of what you qualify for at this point. Once you get closer to needing to purchase, that same lender can pre approve you and I would be happy to assist you from start to finish throughout the process. Once you have a pre-approval amount and can give me some criteria, I set you up with your own personalized, complementary website that gives you direct access to the Austin MLS(The only true source out there that is just about 100% accurate). I am a Residential Specialist here in the greater Austin area, am one of the top agents working for the #1 Real Estate company in Austin, Keller Williams Realty, and I represent buyers like you at no cost, and use only excellent lenders I've worked with many, many times before, who don't charge anything for the preapproval or prequalification process, btw.

Anyway, I hope that answers your question and please let me know if I may be of further assistance. Thanks, Joe

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Call 512-261-4415
0 votes Thank Flag Link Mon Oct 7, 2013
Any sellers agent representing their client would not accept an offer without speaking with the buyers lender. So to answer your question, you would need to get your credit pulled in order to get pre qualified. Your scores are not damaged by pulling credit. You may get your credit pulled as many times as needed for the same item if it's within a 2 week period of time. I hope that this help. Check out our website at http://www.homecity.com to find properties that are updated hourly.

I hope this helps.
0 votes Thank Flag Link Mon Oct 7, 2013
Absolutely not! It's best to wait a few more months and improve your score and then go to a lender. As a Realtor, I only work with people who can show me they have been pre-qualified and I am sure that any good Realtor does the same. I'd be glad to work with you, but get that letter of pre-qualifcation first, it will give you the confindence to go ahead and start looking at homes and it would give any agent the confidence that her/his client is ready for the home purchase.
0 votes Thank Flag Link Mon Oct 7, 2013
Hello Kelly, I can talk to you about your scores. I feel I can help you. Please call me at 512-689-9874.
Thank you, Jim
0 votes Thank Flag Link Mon Oct 7, 2013
Jim is an awesome Realtor, he can help.
Flag Mon Oct 7, 2013
Kelly,

You'll want a solid lender to pull your credit when the time comes to apply for a mortgage loan. Sometimes it's automatic pre qualified and sometimes you have to do some credit repair. I work with a real good lender that can help you through the process. Once you are ready to shop for homes, I can guide you through the process A-Z.
I would love to help. Call or email me anytime!
mgalvan@kw.com or 512-773-5735

Best wishes,
Melissa Galvan
KW Realty
mgalvan@kw.com
512-773-5735
i love real estate!
0 votes Thank Flag Link Mon Oct 7, 2013
When shopping for a mortgage and shopping aorund, only 1 pull is counted, the others do not hurt you if done while within the same period of time, usually 30 days. To get prequalified, you only need to speak with 1 loan officer, all will be similar in results, interest rates and closing costs. The difference is usually how good or bad their service is. You may want to use a local and trusted loan officer from a mortgage company who will have more types of mortgages than a bank and save you from calling many different ones. I can refer you to one and guide you through the process.
Web Reference: http://www.Mister512.com
0 votes Thank Flag Link Mon Oct 7, 2013
Hello Kelly,
Give me a shout directly. I can help from beginning to end. Lenders pulling credit once to get a pre qualification won't hurt. Don't allow anyone else to do it though. I have seen car comanies and other retailers pul many times hurting a score a lot.
512-709-6343 or bill@teamprice.com text, email or call I will respond quickly.
Best wishes!
0 votes Thank Flag Link Mon Oct 7, 2013
If you know your scores, you can get an idea on qualification and terms. However, to get an actual pre-qualification from a lender, they will need to pull your scores.

Please feel free to contact me anytime for a no obligation consultation

Steve Nusinow
(512)922-7588
0 votes Thank Flag Link Mon Oct 7, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer