Mortgage Loans

[WhiteCollar]

I have about 8-10 inquiries on each credit file that will fall off in 2014. However, I'd like to apply for a mortgage in spring 2013. Will those inquiries hurt my chances of being approved for a mortgage>

[mwmiller82]

I don't think so, but, at the same time it depends on how close the inquiries are to when you apply foloan mortgage, it think 3-5 months is good, from what I've been told from a lender in the past.

[nickbrownsfan]

is that 3-5 months in the past or 3-5 bunched together? From what I have read if you are per-say trying to get a car loan and apply at many different places they consider that 1 hit? I may very well be wrong but that is how Ive been triying to do things hit something when I want it to get the best rate and hope they consider it as 1 request for lack of a better word.

[mwmiller82]

Yes, if you apply all within the same month it'll be factored in as one inquiry.mthats what I've been told.

Ok, better yet, this year I've have had 12 total inquires this year, and that wasn't the reason the lender wouldn't lend to me. It was only because I had a debt in collections totaling over $8,000. He said it wouldn't pass underwriting because of it, and that my inquiries would have no impact on their decision. I do know he told me to NOT apply for another car loan if I was planning to buy soon.

[namvet]

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WhiteCollar wroteI have about 8-10 inquiries on each credit file that will fall off in 2014. However, I'd like to apply for a mortgage in spring 2013. Will those inquiries hurt my chances of being approved for a mortgage.

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 Your mortgage lender will only be concerned about inquiries during the 6 months prior to your loan application.  Inquiries outside that 6 month window has no bearing on your approval.   So don't app for new credit prior to your mortgage app.   

[courtney091082]

I agree to watch the inquiries in the last 6 months prior to going for a mortgage. However if you have great credit 1-2 in the last few months probably won't kill your chances

[WhiteCollar]

Thanks everyone! My last inquiry was in October. I will not apply for any additional credit. That will make me 6 months inquiry free.

[beb86]

they will probably require a LOE but I had like 15 when I closed 

[eduardofabian1]

From my personal experience, if those inquiries had an impact on your score, the chance of getting a less than good deal increase. On the other hand, if those inquiries are recent, it might give the underwriter the bad idea that you are desperately looking for credit, which might or might not trigger a second pull just before lending the mortgage, just to make sure that your financial situation hasn't changed. Try to keep miscellaneous credit hunting at the lowest during your mortgage search, at least for a year prior to applying.

[Walt_K]

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namvet wrote:

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WhiteCollar wroteI have about 8-10 inquiries on each credit file that will fall off in 2014. However, I'd like to apply for a mortgage in spring 2013. Will those inquiries hurt my chances of being approved for a mortgage.

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 Your mortgage lender will only be concerned about inquiries during the 6 months prior to your loan application.  Inquiries outside that 6 month window has no bearing on your approval.   So don't app for new credit prior to your mortgage app.   

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+1.  Some won't even look that far back.  I'm pretty sure the tri-merge report I got from one lender only listed inquiries in the last 90 days.  But it's generally a good idea to try to avoid any new inquiries for at least 6 months prior to applying.