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    Does it hurt my credit to apply for more than one home loan?

    I just want to know if I can get pre-approved for more than one home loan without hurting my credit? I would like to compare the offers and see what loan has a better details like interest rate, payments ect. If you say yes please say why you think it does.
    a few seconds ago 6 Answers

    Best Answer

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    my boyfriend and i are going through the same thing- we just met with a lender this past friday. If you get a copy of your credit report (which they SHOULD give you when pulling your credit) you should take that with you to other lenders, but what he said was that if you do most of your lender look ups, try to do them within a 2 week period... if you do them randomly (2 this month, 1 next month) it hits your credit harder. If you have good credit, you should try to go with a local bank or something like Wells Fargo. Make sure once they pull your credit that you act within 60 days or else that have to re-pull it and again, that will hit your credit. :) btw- you ARE entitled to your credit report so whoever you give the permission to- ask them for a copy for your own records ;) Good luck!
    a few seconds ago

    Other Answers

    • Now i've been told that applying for a mortgage is considered a soft inquiry , and it doesn't affect your credit score, because lenders know that you are shopping for a better rate, it seem lilke you will get a different answer everytime you ask the question

      by Annetta - a day ago

    • By getting a pre-approval does nothing to your credit. If you accept the loan then it just means you will lower the amount of money you can borrow in the future (loan/creditcard etc)...unless you could afford to that is. The only thing that will hurt your credit is if you go into default with and loan or creidt card you may have. Continual late payments can do some damage if they were to look that far back when asking for another loan or what not. Hope that helps

      by jooz83 - a day ago

    • Yes and no. Specifically, when you are applying for a mortgage (or an auto loan) an "inquiry" will show up on your report, which will negatively affect your score by a very small amount. When you shop around for mortgages, an inquiry appears with each lender you apply with for pre-approval. The great thing is, however, that all the mortgages you apply for pre-approval within a two week period count as a total of ONLY ONE inquiry when actually calculating your score. This is done because it is recommended that you shop around for the best rates and terms that you can get. Good luck, too! Rates are at such great lows right now!

      by Tarv - a day ago

    • yes the FICA score lowers when you do multiple inquiries, but usually only by about 10 points. Its just part of their arbitrary risk calulations. The trick is to do all your shopping at once, they don't care if you do two 'pulls' (credit inquiries) or twenty. Get your best price especially with mortgages, the long term cost of overpaying a mortgage far outweighs the short term cost of slightly lower fica score.

      by Eric F - a day ago

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