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I'm a first time home buyer from Colorado and have no previous home buying experience. I'm thinking getting pre-qualified (or pre-approved) for home mortgage online and I'm concerned that my credit history will be affected by the mortgage companies doing a hard pull on my credit report.
How concerned should I be about the mortgage companies affecting my credit scores? What are some of the good banks/CU's that are likely to give good deals on the interest rates. I have my credit scores around 740 and I'm looking to put 20% down.
Short answer is no. All inquirires made within 30 days for the purpose of comparison shopping is counted as 1 inquiry.
Do yourself a favor and do not go online for this. Your contact information will be sold many times and you will be bombarded with phone calls and emails. Talk with family and friends and get referrals to Loan Officers. Give them basic information, feel them out and then decide who you are going to work with. Once you choose someone have them pull your credit and go from there.
Last edited by dad2jules; 03-12-2009 at 11:47 AM..
I'm a first time home buyer from Colorado and have no previous home buying experience. I'm thinking getting pre-qualified (or pre-approved) for home mortgage online and I'm concerned that my credit history will be affected by the mortgage companies doing a hard pull on my credit report.
How concerned should I be about the mortgage companies affecting my credit scores? What are some of the good banks/CU's that are likely to give good deals on the interest rates. I have my credit scores around 740 and I'm looking to put 20% down.
Thanks,
Teana
With that credit score and down payment I wouldnt anticipate a problem obtaining a mortgage. One inquiry will not hurt your score, multiple inquiries will, although you are allowed multiple inquiries in a 30 day period. (agencies assume that 3-4 inquiries in a month means your shopping around and your score will be harmed by 1 credit pull, not 3-4)
Find a bank that your confortable with, dont just blindly apply online. Consider your personal bank and their website because they will give a slight discount for doing banking with their bank usually.
I'm a first time home buyer from Colorado and have no previous home buying experience. I'm thinking getting pre-qualified (or pre-approved) for home mortgage online and I'm concerned that my credit history will be affected by the mortgage companies doing a hard pull on my credit report.
How concerned should I be about the mortgage companies affecting my credit scores? What are some of the good banks/CU's that are likely to give good deals on the interest rates. I have my credit scores around 740 and I'm looking to put 20% down.
my middle score 643 and i got approved from one bank but the rates are high and i will like to apply at another bank,how will this hurt my changes getting pre approve at bank 2 and my credit score.
Lending Tree sells information to 6-12 low-balling, understaffed, inexperienced lenders and brokers who hammer borrowers to the point that they regret ever logging onto the site.
my middle score 643 and i got approved from one bank but the rates are high and i will like to apply at another bank,how will this hurt my changes getting pre approve at bank 2 and my credit score.
What is "high" to you?
With a 643 you will be in somewhere in the 4%s - which is among the lowest in the history of time.
my middle score 643 and i got approved from one bank but the rates are high and i will like to apply at another bank,how will this hurt my changes getting pre approve at bank 2 and my credit score.
What would be helpful is to find someone to provide you a copy of your report that you can share with other lenders that you want to evaluate your credit. 643 isn't a great score in today's market, and if you lose just a few points, you could be facing higher rates, or worse, no mortgage at all. Call that original lender and ask for a copy of your report. (Tell them you have an appointment with a credit specialist who is going to advise you on improving your score and you don't want your credit pulled again - that you want to come back with the best score you can be - don't mention shopping them). You may or may not be successful. Most mortgage companies have policies about sharing.....there is nothing stopping them, but their own internal policies. If you do get it, that should be enough for most to provide you with a quote. If they don't know how to quote a rate without 1) running your credit (when you hand them one) or 2) without entering your entire life into their computer, RUN. They don't know how to quote without their computer and are nothing more than data entry clerks. This is the latest in boutique loan officers, without their tools, they cannot compute......they don't understand the basics and you are trusting the most important investment of your life with someone that can't calculate a payment or rate without a populated program. Again, run.
If you don't get the report, find someone that will pull it and provide you a copy. I suspect there's several things you can do to get your score up, and hopefully, the person that provides you a copy can help you with that as well. (Chances are that will be the person you close with anyway).
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