Will shopping around for a mortgage hurt my credit score due to multiple inquiries?
90552
Yes it can..Shopping for a mortage can lead to a lower score.  The more inquires you have then credotors thjink that you are "hungry" for credit.   You can shop around but do so with already you sacore already in mind.  Check your credit BEFORE you go mortage shopping.  Saves alot of time and effort on your part.  DO your homework before you jump in.  It can save you thousands in closing costs, points, and rates.
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
133083
Start with a mortgage broker.  Talk to your friends and/or family and have them refer one to you.  Talk with the loan officer and don't be afraid to ask questions.  Make sure you feel confident and comfortable with them.\n\nAlso, shop around for rates.  You owe it to yourself to get the lowest rate at the lowest possible costs.  Ask each person to give you a Good Faith Estimate and if they would be willing to lock the quoted rate same day.  (Rates can change throughout the day, so don't spend *too* much time shopping around).\n\nAlso, do not allow people to randomly pull your credit.  This will lower your score for several months, and excessive  inquiries may lower your score enough to disqualify you for the best possible rates and programs.\n\nMake sure you are 100% honest and up-front with your loan officer.  We can typically navigate through many problems, but the ones that surprise us can sink the ship.\n\nGood luck, and happy hunting!
634284
From my professional experience there is not really a "best rate". Most of the brokers and loan officers shop the same banks, just happens in some cases that one of them might get a better deal out there. Maybe he or she has a better pricing from bank..etc.. What I am trying to say is that by submitting applications online will couse your credit score to decline if each loan officer will pull your credit. I would suggest looking up lenders in your area rather than having your personal information scatterd all over the web. Each loan situation is different and I would suggest working with one loan officer in your area.
1166575
Be very cautious when looking at any loan that has an initial, short term followed by a different, longer term--- for example, the "interest only" loans where you pay only the raw interest on the loan for the first five years, then switch to combined principle and compound interest for the remaining 25 years. Too many people get lured in by the easy terms in the first part of the loan and drown in debt when the second phase kicks in.\n\nYour credit does change every time a lender does a "hard hit" on your credit so ask the potential lenders if they'll be doing "hard hits" or "soft hits" for the preapproval. It's most common for a lender to do "soft hit" checks first, to see if you have any credit at all, before investing the time required to do the more thorough check that causes a "hard hit."  A mortgage broker can better explain the difference between the two but a "good" lender will do the soft search first, then tailor a loan to your needs and run the final hard search once you've picked out a loan.\n\nYou can withdraw up to $10,000 from your 401(k) or IRA for your first-time home purchase--- assuming of course you have that much in there to begin with. This is a really, really good place to get part of your down-payment with. Check with your accountant or with the broker holding the retirement account because you may still owe tax on the money but at least you don't pay penalties. Depends on how you put the money in.\n\nThe best advice--- do not spend all of your savings on your down-payment, and don't mortgage yourself so hard that you end up "house poor." Even a brand-new home is going to want a lot of your money when you buy it.   Just because you qualify on paper for a $200,000 mortgage does not mean you really can afford it!  Your lender is going to approve you for the highest possible loan so they make the most profit they can--- don't take it just because you have the opportunity, even if you really, really want the more expensive house. Taxes and homeowner's insurance are not factored into the original mortgage quote but have to get paid to the lender monthly, and could add up to a hundred dollars a month or more. That comes out of your vacation fund, entertainment budget, etc... you will end up hating your house if you can't afford to furnish or fix it, or if you can't spend some money getting away from it every now and then!
702044
No. It's just a credit inquiry. But, if there are more than 2 credit inquiries, then it can affect your score.
1039619
I am not a one of those that think you should place a lot  of money if any down on a home. All interest is tax deductable over the course of the loan no matter how large or how small, the interest is.\n\nYour credit score will determine if you are qualified to purchase a home with little or no money down. The higher your credit score the less you have to put down and if you are at the level of having to put no money down all and good.\n\nThe only way that you can find out if you are qualified for a loan is to find a mortgage "Broker" take one month of each of your pay stubs, 6 months bank statements from each bank account. W-2 form for 2 year and fed income tax for 2 years for each of you,as well as  6 months statements from any 401k program the both of you might have from your employers. Take your drivers lic and social cards or at least a copy of each.\n\nNow you will have lots of paper work to complete, but he will assist you. Not to worry you will get through it in fine fashion.\n\nThis mortgage "Broker" will get a credit report for the both of you , after which he will be able to tell you what type mortgage you are gualified for. He will be able to tell you if you are qualified for a 100% loan or not. He will also be able to tell you how much home you can afford based on the amount of money you guys earn each month and the amount you guys pay out eacch month.\n\nThe important thing for you to concern yourself if to get into a home with little or no money. The interest rate is important, but don't let it be a deterrent  from you purchasing a home. Because your brother or friend got one rate does not mean you are going to get the same rate. Each person's credit is different and each person's credit score is different so don't expect the same loan.\nJust remember all the interest you pay on your loan is tax deductable.\n\nOnce you have been pre-approved by your "Broker" he will fined a real estate person he has worked with and has a professional realtionship with to assist you in finding you a home. \n\nOnce you have found a home, the real estate person will then get you a purchase contract, an appraisal for the property,  have your mortgage "Broker" open an escrow or closing agent for you. He will give all the paper work to your mortgage broker who will take another 10-14 business days to complete your mortgage.\n\nWhen you go to your closing be prepared to sign lots of documents and other items that are required by the federal, state and local governments.\n\nNow that I have told you how to go about getting a home for the both of you, do you plan to get married before you purchase the home or after.  \n\nMy advice is to purchase the house after the marriage. I have seen so many purchase a house before marriage. After they purchase the house something happen and a breakup occurs. There are lots of legal things in the air, especially the house and who gets it. One say they paid the most on the mortgage and want to give the other a few $1000,00 for them to move.\n\nI know that you didn't ask but I wanted to pass on some experience and knowledge I have gained over the years.\n\nI suggest you check with your tax advisor on your tax situation and other tax questions you might have.\n\nI hope this has been of some use to you, good luck.\n\n\n"FIGHT ON"
1145727
You can get one done but it won't show much.  It is a wise idea to open one or two credit cards and then charge something and pay it off promptly.  If you ever want to buy a house or a car this will help you more than if you have never charged anything. You see, they want proof you are capable of handling credit.
939079
Yes! A mortgage history (that is on time every month) will quickly boost your credit score! (on the downside, any payments over 30 days late will just as quickly kill it...)
1177499
You can always negotiate mortgage terms.  Origination and interest rate are negotiable.  Remeber that the loan broker has a family and a job as well.  On that note if they wish to continue to do buisness it is in their best interest to take care of you.  Origination points are not the only area of concern.  Title companies overcharge at times as well and less shopping is done for them.  There are sometimes junk fees on the loan as well.  If you want me to look at it (licensed mortgage broker) I will.  I have nothing to lose if you are not in a state I do buisness and if I am I will walk through the shopping process.  Smart customers always shop but you need to know what to look for.  Let me know.
406947
Oh!  Another dragonfly!\n\nNo I haven't used them, and yes, I'd be worried about all of that data because you don't want a bunch of bozos pulling your credit report and driving your credit score down.  I used CTX Mortgage and they were good.  They are their own lender so their margins are bigger than many banks because they are lending out their own money.  Or try www.naca.com if it's your first home.
539214
Not necessarily! Despite what others have said here. If you have too many inquiries in a short period of time, then DEFINITELY, it will lower your score. It shows signs of desperation. In my own opinion, the fewer cards, the better off you are in the long run, and the easier it will be to remain in control of your personal finances. Good luck!
165320
I need more information from you to get a more accurate picture of your situation.  What is the worst thing on your credit report?  How is your other payment history (credit card, car, etc?).  Your house payment is always on time (a good thing!), but more information is needed.  If you'd like free no obligation consultation you can fill out an application on my website, email me, or give me a call and I'll answer any questions you have.
134462
FICO Scores and Mortgage Underwriting Decisions\n\nFICO scores are only "guidelines" and factors other than FICO scores affect underwriting decisions. Some examples of compensating factors that will make an underwriter more lenient toward lower FICO scores can be a larger down payment, low debt-to-income ratios, an excellent history of saving money, and others. There also may be a reasonable explanation for items on the credit history which negatively impact your credit score.\n\nThey Don't Always Make Sense\n\nEven so, sometimes credit scores do not seem to make any sense at all. One borrower with a completely flawless credit history had a FICO score below 600. One borrower with a foreclosure on her credit report had a FICO above 780.\n\nPortfolio & Sub-Prime Lenders\n\nFinally, there are a few "portfolio" lenders who do not even look at credit scoring, at least on their portfolio loans. A portfolio lender is usually a savings & loan institution who originates some adjustable rate mortgages that they intend to keep in their own portfolio instead of selling them in the secondary mortgage market. They may look at home loans differently. Some concentrate on the value of the home. Some may concentrate more on the savings history of the borrower. There are also "sub-prime" lenders, or "B & C paper" lenders, who will provide a home loan, but at a higher interest rate and cost.\n\nRunning Credit Reports\n\nOne thing to remember when you are shopping for a home loan is that you should not let numerous mortgage lenders run credit reports on you. Wait until you have a reasonable expectation that they are the lender you are going to use to obtain your home loan. Not only will you have to explain any credit inquiries in the last ninety days, but numerous inquiries will lower your FICO score by a small amount. This may not matter if your FICO is 780, but it would matter to you if it is 642.\n\nDon't Buy A Car Just Before Looking for a Home!\n\nIn conclusion, a word of advice not directly related to FICO scores. When people begin to think about the possibility of buying a home, they often think about buying other big ticket items, such as cars. Quite often when someone asks a lender to prequalify them for a home loan there is a brand new car payment on the credit report. Often, they would have qualified in their anticipated price range except that the new car payment has raised their debt-to-income ratio, lowering their maximum purchase price. Sometimes they have bought the car so recently that the new loan doesn’t even show up on the credit report yet, but with six to eight credit inquiries from car dealers and automobile finance companies it is kind of obvious. Almost every time you sit down in a car dealership, it generates two inquiries into your credit.\n\nCredit History is Important\n\nNowadays, credit scores are important if you want to get the best interest rate available. Protect your FICO score. Do not open new revolving accounts needlessly. Do not fill out credit applications needlessly. Do not keep your credit cards nearly maxed out. Make sure you do use your credit occasionally.  Always make sure every creditor has their payment in their office no later than 29 days past due.\n\nAnd never ever be more than thirty days late on your mortgage.  \n\nEver.
1025515
Yes.  However, if you have more than 4 credit cards and you pay them off, it does not necessarily help you when you purchase a home.  People do not realize that the more credit cards they have will cause a lender to not provide the best possible interest rate when buying a home, even if the balance owed is zero.  Some lenders will still consider the card holder a "credit risk" because of the number of cards they have regarless of balanced owed on the cards.  By paying off the credit cards, it will increase your credit score.  The best thing to do is cancel the cards you don't need.  Keep at least one major card, such as Visa, Mastercard, Discover, etc.,  wait 1 year and then try buying a house.  Always check your credit score to determine if your credit score allows you to negoitate for a good interest rate.  Do not go for "interest only" loans because the lender will require you to pay the interest first and no money will be credited to the prinicipal until the interest is paid in full.  Seek out an honest financial advisor, if you can find one, to give you the upfront details before you buy your home.
938272
Yes, but it should not affect the transaction you are having it pulled for. If you do not complete the transaction it will affect the next one you attempt to do. \n\nBrokers do serve a good purpose as they don't have to have your credit run several times to shop for the best loan for you. \n\nYeah that's a blatant ad, but ohh well! business is slow, you gotta start somewhere! :)
381284
i think you're asking for a specific number of points, but you're not giving enough history to get a good answer.  if your mortgage is the only credit you have, you need to get at least two more tradelines to get more credit - sometimes you won't have a score at all if you only have the mortgage.  if you go to myfico.com, you can get a good hypothetical answer to many credit scenarios. they also have a great product for $50 by Suze Orman that gives you all three reports and scores and analyzes your credit.  It even gives you advice on what will be the best move to increase your score.