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Old 08-06-2008, 02:06 PM
144 posts, read 405,861 times
Reputation: 55


I know there are a myriad of threads dealing with comparing mortgages online and the non-concensus appears to be that there's no good way to go about it bar going to each company's website.

That said, if one does try to get pre-approved or even go to different lenders and have them give mortgage rates, what's the impact on your credit? Will each lender have to pull a credit report if you actually visit the physical structure and meet with people or what?

I'm concerned after reading some things regarding BOA and them being on the high end of things, because that's where we've been steered towards but I would like to compate rates at a few places, but not sure how that'll affect my credit as most places want to do a full check on you before they give you their rates.

Any help, or am I just talking out of my backside?
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Old 08-06-2008, 02:30 PM
122 posts, read 302,160 times
Reputation: 22
Its recommended that you do shop around. You'll never know if you are getting the best deal (or ripped off) if you don't shop around.

I dont think shopping around for a short period of time hurts you as apposed to applying once.
They know you are not trying to purchase multiple houses.
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Old 08-06-2008, 03:14 PM
Location: Cary, NC
1,036 posts, read 3,627,489 times
Reputation: 503
If multiple mortgage companies pull your report within 30 days, it should just count as 1 inquiry and not affect your credit. This is under the new FICO model that understands you are comparing rates to get the best offer and does not want to penalize you for being a smart consumer.

Many lenders will give you a pre-qualification and a GFE/TIL based on someone elses credit report. I always am willing to use a report from someone else for a pre-qual, I just make it clear to the borrowers that it is conditional on us running credit and getting the same score later. To get a pre-approval, you do need the lender to run an official report and look over your documents.
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Old 08-06-2008, 06:32 PM
3,627 posts, read 12,402,826 times
Reputation: 2682
I am looking at the same thing - yes we got our papers from BOA and the offer was supposed to be a no fee loan but then the disclosure said $3200 at closing - we have not signed anything [well this is for my father] - and the rate was 7% - with excellent credit and a good down payment.
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