betsy asked:
My husband and I would like to refinance our home. We’d like to shop around for the best mortgage. The problem is…when you shop around…the different lenders will check your credit score. We were told that your credit score goes down after each check. Can anyone with experience in lending tell us the best way to shop around without getting “dinged” every time we look into refinancing our home?
DONNELL
My husband and I would like to refinance our home. We’d like to shop around for the best mortgage. The problem is…when you shop around…the different lenders will check your credit score. We were told that your credit score goes down after each check. Can anyone with experience in lending tell us the best way to shop around without getting “dinged” every time we look into refinancing our home?
DONNELL
ERIN
The first mtg. broker you try, ask him for a copy of your credit. Then hand out copies to the other brokers. The credit is good for 30 days
Comment by christonint — September 20, 2008 @ 7:47 am
KRISTOPHER
You will not get “dinged” everytime your credit report is run. The scoring systems allow for this rate shopping and it will treat all inquiries within a given amount of time as one. So if you are going to do this make sure you do this in a short period of time. You will see every inquiry that was made, but in the scoring it sees only 1, depending on your credit it should make minimal to no impact on your score.
If you are truly worried about it go to and get your credit score based on each of the 3 reports doing it yourself will not effect your score at all. The FICO Score is what most lenders will use and you can check with each lender if they will accept your report for at least a pre-approval. Some will and some companies wont accept a copy of your report. Even the ones that do will probably still run it again before final approval but by then you should know who you are going to go with.
Comment by OC1999 — September 23, 2008 @ 3:20 pm
KENDALL
the best thang is get your credit report and get your credit score tell the loan officer what your score is and they can tell you a rate. try to have your credit score over 730 for the best possible rate
Comment by jonthegr8tone — September 25, 2008 @ 2:46 am