Home Buying in Park Forest>Question Details

mizann2, Home Buyer in Park Forest, IL

Will it hurt my credit score if i submit information for pre-qualification to more than 1 lender at a time.?

Asked by mizann2, Park Forest, IL Tue Sep 11, 2012

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Suzanne Hamilton’s answer
Typically no, but it depends. They will do a hard inquiry on your credit and if your score is lower and if you have had a lot of inquiries, it could hurt a little.

But the bigger question is why are you going to a bunch of mortgage lenders at a time? I encourage buyers to go to one lender and get prequalified to see where you stand. At least you will know if you are in good shape or not. Many lenders have similar prequalifications. If not, you know what your deficiencies are and you can discuss that with lenders. If you are in good shape, you can shop rates, etc. before you apply with anyone.

Good idea to start with a lender. But also, if you are buying in Park Forest, you can potentially qualify for the grant program for up to $10k toward down payment and closing costs. Only certain lenders can do those loans.

I am very familiar with Park Forest and sell a lot of homes there. I would be happy to discuss the lenders and the program with you as well as offer you a few home options in the area. There is no cost to you for using a buyer agent. It will save you time and money in the long run. Please feel free to call.

Suzanne Hamilton
Managing Broker/owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes Thank Flag Link Wed Sep 12, 2012
Mortgage inquireries are not counted on your score:
It is, in fact, a good idea to compare;
be sure to get a GFE (Good Faith Estimate) from both.

They should have a similar layout, so that you can compare the number.
Do not let them tell you otherwise, Federal Law requires tham to give you a GFE!

Good luck and may God bless
0 votes Thank Flag Link Tue Sep 11, 2012
Thank You so Much. May God Bless you.
Flag Tue Sep 11, 2012
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