Can I get a "second opinion" for a mortgage prequalification without affecting my credit score?

Asked by Kelli B., New Castle, DE Mon Sep 16, 2013

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8
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
This depends when your credit was run the first time. Basically there is a period where you can check your credit without affecting your credit score. After that 3 week period, any additional inquiries will begin to affect the score. It's smart that you asked about this because this is a good question to ask and understand. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
1 vote
Cleo Clarke, Agent, Middletown, DE
Tue Sep 17, 2013
Hi Kelli,

That's a great question and the answer all depends on the timing of when your first mortgage prequalification was completed. Mortgage, auto and student loan inquiries older than 30 days are lumped as one inquiry whenever they fall within a 14-day span. The other folks gave some great responses that were pretty similar to mine, but I hope you find all of them to be helpful.

In addition, you can read more about credit inquiries and the impact they have on your credit score by visiting BankRate's website - http://www.bankrate.com/finance/credit-cards/how-credit-inqu…

Please do not hesitate to contact me if you have any additional specific questions related to the home buying process as I am especially happy to work with First-Time Home buyers such as yourself.

Best of luck and well wishes future Homeowner!

Thanks,

Cleo Clarke
cleo.clarke@century21.com
(302) 397-4063 (cell)
(302) 449-3222 (office)
1 vote
Josh Barnett, Agent, Chandler, OK
Tue Sep 17, 2013
Yes and No, how long has it been since your first credit inquiry?
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Tue Sep 17, 2013
As the previous poster indicates, the inquiries on the credit report must be within a 30 day period and for the same type of loan. So you can apply for a bzillion mortgages so long as you do it within 30 days of one another - and in that case, they are all lumped together and counted as 1 inquiry. However, this does not mean you should apply for a credit card, mortgage and car loan within the same 30 day period - that would be 3 different kinds of credit lines, and would count as 3 inquiries. Within a 30 day period with 3 different inquiries like that, your credit score will drop significantly.
0 votes
, ,
Mon Sep 16, 2013
Hi Kelli,

You should certainly get a second opinion and it will not affect your credit score. You should really seek a pre-approval not a pre-qualification. The big difference is in the amount of information you are required to provide. The pre-approval is basically a pre-underwriting of your loan to make sure you will qualify. I can help you with a second opinion and get you pre-approved, feel free to call my office at 302-703-0727. I will also get you a copy of my best selling book, Your Guide to Buying Your First Home in Delaware

You can shop for a mortgage by having your credit checked by different lenders in a 30 day period and it will be treated as one inquiry. Below is the actually excerpt from MyFico.com which is a website that is maintained by the three credit bureaus.

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score.

I can certainly help you with a second opinion, feel free to call my office at 302-703-0727 or you can apply online at http://www.PRMIDelaware.com/loanapplication

You can also check out my weekly Delaware Mortgage Rate Video Update to get the latest information on rates, programs and advice on floating or locking your Delaware mortgage loan at http://www.DelawareMortgageLoans.net

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
0 votes
Craig Blango, Agent, Wilmington, DE
Mon Sep 16, 2013
Trident offers a double check option where if they can't give you a better rate they will pay you $50.
0 votes
David & Iris…, Agent, Newark, DE
Mon Sep 16, 2013
Based in what I have been told it does not as long as it is within a set amount of time and they were checked by mortgage companies or providers.
0 votes
Christopher…, Agent, Camp Hill, PA
Mon Sep 16, 2013
Hi Kelli
You can get a second opinion. Mortgages do not affect your credit like car and credit cards do as they figure you will shop around. Hope this helps and best of luck to you.
0 votes
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