Home Buying in Philadelphia>Question Details

jalberto, Home Buyer in Philadelphia, PA

would meeting with a few lenders for a pre qualification mortgage hurt my credit score? Thanks in advance.

Asked by jalberto, Philadelphia, PA Wed Feb 1, 2012

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I would suggest that you stick to one mortgage company to get a pre-qualification as pulling your credit multiple times will affect your score. You DO NOT need to get a mortgage from the company that gives you the pre-qual. Since rates change on a daily basis, when you find a home and are ready to submit a mortgage application, that is when you should shop for the best rate. Please let me know if you would like a pre-qual (remember that doesn't mean you need to get the mortgage with me). Thanks and good luck
0 votes Thank Flag Link Thu Feb 2, 2012
No it will not hurt you as long as it is in an allowable time frame. I would suggest taking the advise of your agent as they are in contact with several lenders on a daily basis. Some companies are easier to deal with then others . Rate is not always the best way to go as most lenders are usually close in rates .I most cases good service is more important as you are making one of the largest investment of your life . Good service is vital as this process can be very stressful . You want to be sure you are getting excellent customer service .
0 votes Thank Flag Link Wed Feb 1, 2012
NO, meeting with several mortgage lenders WILL NOT hurt your credit score. Having more than 2 or 3 run your credit can. Before you meet with them know the differences in the industry. The three main types of mortgage professionals are bank loan officers, mortgage brokers and mortgage lenders. Banks tend to offer a minimal amount of "products" or options. Brokers try and connect you with a lender that is best for you but they have limited control over the process once the lender gets involved. Mortgage lenders have relationships will several different investors, including major banks, yet mortgage lenders have the ability to write their own loans and so you would be dealing with someone with a range of products, but very close to the process. I recommend: Eileen Marolla of Philadelphia Mortgage Advisors. emarolla@phillyadvisors.com. There is no one better in the business and she works with clients in all price ranges.
0 votes Thank Flag Link Wed Feb 1, 2012
Hi Jalberto,

Yes. Every time you apply for credit and no account is opened, your FICO score drops. You only need one credit report from a mortgage broker or bank loan officer and with that report, you'll know your scores.

To shop rates and programs, you don't need to let other mortgage lenders pull an additional report. They should be able to say to you, "Provided your FICO score is ... and your income is... then we can qualify you for .... various programs.

Please feel free to call me if you would like assistance.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate resource For Life
Cell/Text: (267) 254-7994
0 votes Thank Flag Link Wed Feb 1, 2012

Your credit score is safe. Pre-Qualification should be step one for every serious buyer. If you are looking in Philly, give me a call. Lots to choose from.

0 votes Thank Flag Link Wed Feb 1, 2012
you are allowed to have 3 reports from the same business mortgage,cars,insurance in a 7 day period without it changing your score.However,you want to know that each day the interest rates change so the rate you got yesterday may be lower or higher today.The rate is only permanent once you lock in.
One company that I suggest you try is Trident mortgage company and their number is 215-627-6005.
Once that is out of the way you will know what you qualify for and what you feel comfortable spending(should not be the same)give me a call if I can be of any further help
Dennis Conwell
215-440-2085 office
215-272-0360 cell
0 votes Thank Flag Link Wed Feb 1, 2012

NO. In fact this ex EXACTLY what you should do. Work with someone local - who you can actually meet in person, not 1-800 or .com lenders. This sets your budget - so you look at the right houses, not those that may be less or more than you can afford. When you find the right one, it lets you POUNCE - which with a spring market approaching, you need to do when you see a neat clean ready to go well priced home.

Recommendations availalbe if you like. Glad to help you find your home - if you like. I'm good, others are too.

Best of luck,
John Leonard
Long & Foster Real Estate
Web Reference: http://www.nicepahomes.com
0 votes Thank Flag Link Wed Feb 1, 2012
Dear Jalberto,

What I usually recommend when my buyers are shopping for a mortgage is to get their credit score from the first one they meet with and use that score with the others for an apple to apple comparison. It shouldn't hurt your score, though, if you do it within a week or 2 of each other, but my suggestion will remove that possibility since the others won't be pulling your credit on each quote.
0 votes Thank Flag Link Wed Feb 1, 2012
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