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!
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 | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
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.
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.
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
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 3â€“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
I hope this helps.
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!
email@example.com or 512-773-5735
i love real estate!
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 firstname.lastname@example.org text, email or call I will respond quickly.
Please feel free to contact me anytime for a no obligation consultation