Home Buying in Chicago>Question Details

taporter02, Home Buyer in Chicago, IL

when shopping around for mortgage lenders, will it have a impact on your credit report or score as far as inquiries?

Asked by taporter02, Chicago, IL Sat Mar 23, 2013

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Andrew Luett’s answer
Hello,

The short answer is, no, not really.

Unlike applying for multiple credit cards for example, when you apply with multiple lenders for a mortgage, your fico score won't get hurt for multiple inquiries. This is because when you apply for more than one credit card, you'll be more likely get the option to use them all of them (i.e. higher credit risk). Conversely, with shopping for a mortgage, you'll only get approval for one mortgage loan.

To prevent the queries from harming your credit score, you'll want to shop for your home loan within 30 day time frame. If you do, the credit bureaus will only count the first credit pull, and will ignore the subsequent ones as it pertains to your fico score.

Hopefully this helps.

Thanks,
Andrew
0 votes Thank Flag Link Sun Mar 31, 2013
If your credit is pulled by several mortgage companies within a 30 day window then your score should not be affected. However if you have your credit accessed by several different types of creditors in a 30 day window - such as car financing, credit card companies , a jewelry store - then your scores may drop by a few points.
Speak with a lender for your Pre approval. After the lender has pulled your credit request a copy of your credit so that you can provide this report to any additional lenders that you will want to speak with. Once you have decided which lender you are most comfortable with - then that lender can pull your credit to complete your Pre approval.
Good luck with your search
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
1 vote Thank Flag Link Sun Mar 24, 2013
Hello,

Call Joanna Weiss, she's awesome and she's totally correct!

You can have your credit ran 3x, with 3 different mortgage lenders within a 30 day period and your credit will not be affected as if you ran it with different types of creditors, i.e. car loan, mortgage, personal loan, credit card, etc...

Good luck!
0 votes Thank Flag Link Fri Mar 29, 2013
As long as your have your credit pulled with in 30 day window, the mortgage credit pulls should not affect your credit score. I have a pricing engine that allows me to shop the rate for you between many lenders. I would be happy to speak with you about pre-qualificaiton letter. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Wed Mar 27, 2013
Taporter02 - Sam provided a great answer below. If you are shopping around for a mortgage lender, Sam would be a great resource. Some others I've found to be very competent and that I would not hesitate to refer may be found by clicking here http://realestatedeals.weebly.com/preferred-mortgage-lenders.html.
0 votes Thank Flag Link Sun Mar 24, 2013
there is nothing much to be added to Sam's response to you, it is normal for a home buyer to connect with various lenders/ or their own bank, and they all want to pull the credit, but if credit gets checked by a variety of different entities it is more of an issue for your credit score...
Good Luck to you

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0 votes Thank Flag Link Sun Mar 24, 2013
Dear Home Buyer,

Sam gave you the most detailed answer.
0 votes Thank Flag Link Sun Mar 24, 2013
There are 2 avenues to shop. Banks and brokers. Key is to find either someone you prefer working with, or the lowest possible price (which may come with some headaches). You can use one of the many online tools (like a bankrate.com) to get a very general idea of what you are going to pay before talking with anyone or running any credit. One credit pull is not going to be siginifcant to your credit score. If you choose to talk with other banks or brokers, you would have a score that you can reference. They should not need to run you through the system for a high level quote.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Sun Mar 24, 2013
My web site has some lender references if you need them. Perhaps to start just have 1 lender pull your credit. Then just tell the others what the score is until you decide who you want to use.
0 votes Thank Flag Link Sun Mar 24, 2013
Some mortgage brokers say that shopping for rates within a 30 day time window should only affect the home buyer's credit by a few points (2 -3 points per inquiry).

If you have already been pre-approved by one lender and know your credit score, call a few other lenders/mortgage brokers, inquire about the rates based on your credit score, but ask them not to run your credit.
0 votes Thank Flag Link Sat Mar 23, 2013
If they pull more than 3 credit scores, it can be.
0 votes Thank Flag Link Sat Mar 23, 2013
If the inquiries are for the same borrower and approximate price point, no.
0 votes Thank Flag Link Sat Mar 23, 2013
If the inquiries are for the same borrower and approximate price point, no.
0 votes Thank Flag Link Sat Mar 23, 2013
It is my understanding that inquiries from multiple lenders during the mortgage shopping period do not adversely affect ones credit score, unlike credit card inquiries, You should always talke to at least two professionals to compare rates, service and other factors.

I'd be glad to connect you with a few that I have found to be terrific as far as service and rates, just email.

Sari Levy
Managing Broker
Lucid Realty
slevy@lucidrealty.com
http://www.lucidrealty.com
0 votes Thank Flag Link Sat Mar 23, 2013
You always should get the advice of a mortgage professional. Rates and fees are at an all time low and won't differ by much. What you should be shopping for is a mortgage professional who will jump through hoops for you and answer calls in the middle of the night. If you need a refferal feel free to call us at 773-627-7608. We are ready to serve at any time so don't hesitate to call. Good luck!

http://Www.newmanknowschicago.com
0 votes Thank Flag Link Sat Mar 23, 2013
just go to grate and ask for michelle bobart and be done with it.. that is as good as it gets
0 votes Thank Flag Link Sat Mar 23, 2013
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