Forgotten Your Password?

Need to Register?

Question Icon

If I compare lenders will it damage my credit?

Are they all going to be doig credit pulls and could it hurt my chances of getting a low morgage rate by trekee78caleb90406 from Providence, Rhode Island. Feb 12th 2015 Reply


Kathleen Smith (info@superjumboloans.info)
#233 ranked lender in Florida - 25 contributions

Usually yes, we do the opposite from conventional lenders. we get you income approved first, offer you rates below the conventional lenders and when you are ready to move forward we pull credit. Kathleen Smith Harbour Equity PartnersPrivate Client Services, LLCAdmin Assist. | Private Banking and Client ServicesNY Office 631-757-9700 Fax. 631-991-9142Email. Info@SuperJumboLoans.Info

Feb 12th 2015
2
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

If you have 1 or two lenders pull your credit it shouldn't affect your scores drastically. From our experience it may move them a few points but nothing drastic. I would have one run your credit and see if you can get a copy of your credit from them. This way you can use that report to shop. Speak to a few lenders and go with your gut.

Feb 12th 2015
2
0
Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 68 contributions

I have read multipal books that say that back in the early 70's they made it to where multipal auto and mortgage inquires only would only show up on the score card as 1 hard pull if they were all done within 1 month, so people can shop around with out it hurting there score. However I can tell you from experience that I don't believe this is the case.

Feb 12th 2015
2
0
Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Confine your shoping to only 14 days, in order avoid damage from multiple pulls.

Feb 12th 2015
1
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

You have 14 days to shop your mortgage loan without additional hits to your score. This is 14 days counting the day you had the first credit pull. For you to get properly pre-qualified or pre-approved you will need to get your credit pulled. Best wishes, Sean

Feb 12th 2015
1
0
Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

YES, and when a lender sees numerous shopping by credit pulls, it damages your chance for a loan.. They , the underwriters look at how many places you inquiry with.. The only way is to submit your credit report to different mortgage companies, and ask them not to pull credit.. linda

Feb 13th 2015
1
0
Chris Neuswanger (mtnmortgageguy)
#94 ranked lender in Colorado - 84 contributions

You have a 14-day window when all inquiries count as one if they are from the same type of creditor (such as a mortgage company). But beware that if a lender such as a bank does not specify whether they are pulling credit for a mortgage or other lending purpose that inquiry may be viewed as separate because the scoring model doesn't know if you applied for a mortgage or a boat loan or a credit card with that lender. Mortgage companies that only make mortgages always specify by default the inquiry is for mortgage credit.

Feb 13th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

The short answer is that it could affect your credit, but if your inquiries are all within 14 days, then it shouldn't.. but realistically, dealing with a mortgage broker vs. a bank would be like shopping 20 different lenders with one person, so you get the best of both worlds.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 13th 2015
1
0
Subscribe to our news feed.