Janine P asked:


Does asking morgage companies to reasearch quotes on rates cause any unkown stress to your credit rating. For example would asking for a rate and morgage put “dings” on your rating.

MARION

2 Responses to “Does shopping for morgage companys hurt your credit rating?”

1. Big Deal Maker on January 24th, 2010 4:22 pm

   The dings for mortgage rates will not hurt your credit rating unless you have not purchased a home in 4 months and continue getting quotes.

2. loanmasterone on January 25th, 2010 8:16 pm

   The only way you will get a ding on your credit report is when several mortgage companies run your credit report. In order for them to run your credit report you must give them permission as well as complete a mortgage loan application.

   You should have one company run your report, request a copy of the credit report for your use from them. If you see fit to us another mortgage company you can give them a copy of your credit report.

   I am at a loss why people go to 5 or 6 mortgage companies and banks to shop for a mortgage. All loans are predicated on your credit score, your income and the amount of your income you pay to creditors on your credit report.

   You should contact a mortgage broker, allow this person to complete a mortgage loan application on you and run your credit report. Mortgage brokers have many underwriters to underwriter their loans. This person does not get a cent until your loan close.

   Contray to popular belief mortgage bokers loans are about the same cost as going to a bank or direct lender. 80% of all mortgage created are from mortgage brokers.

   If a bank or lender don’t have a place for your loan they will not do it. A mortgage broker can submit your mortgage application to many lenders and banks in order to get an underwriter’s approval, an you only have to complete one application and get one credit report.

   I hope this has been of some use to you, good luck.

   “FIGHT ON”

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