do mortgage brokers run your credit every time they
meliss1019
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do mortgage brokers run your credit every time they
make an inquiry? how many banks should i inquire with for a mortgage 2 or 3 or more? TIA
laural2979
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Re: do mortgage brokers run your credit every time they
I was told not to get approved for more than 3 or 4 mortgages. The more that your credit is pulled, the worse your credit rating will get.
Dee606
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Re: do mortgage brokers run your credit every time they
Posted by laural2979
I was told not to get approved for more than 3 or 4 mortgages. The more that your credit is pulled, the worse your credit rating will get.
I heard the same thing. Also, you should try to do it all within the same time frame this way it's obvious that the reason your credit is constantly being looked at is because you're trying to get a mortgage.
xcoleyx18
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Re: do mortgage brokers run your credit every time they
mtg brokers can send your ss # to multiple banks that run your credit ..i would deal directly with a mtg bank to avoid that! good luck!
Kara and Todd
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Re: do mortgage brokers run your credit every time they
Posted by Dee606
Posted by laural2979
I was told not to get approved for more than 3 or 4 mortgages. The more that your credit is pulled, the worse your credit rating will get.
I heard the same thing. Also, you should try to do it all within the same time frame this way it's obvious that the reason your credit is constantly being looked at is because you're trying to get a mortgage.
All mortgage inquiries within a 14 day timeframe count as only 1 inquiry.
It is extremely rare that 1 inquiry would lower your credit at all. Worst case, it would lower it about 5 points... your credit score likely already flucuates more than 5 points month to month.
chatxleau24
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Re: do mortgage brokers run your credit every time they
u also have the option of telling them your credit score and getting a good faith estimate (which is NOT a guarantee of anything) based on your verbal. most loan officers will try to convince you that they NEED to run credit - but if you stand firm - theyd rather back down than lose you.
BTW - look out for YSP - yield spread points - it wont be a charge added with your total - itll be hidden on th GFE or HUD - it means the bank is paying them to give you a higher rate than you deserve!!
