Homeowner's policy shopping?

sr383 · ‎08-25-2013

I tried to get a quote on a homeowner's policy, and the agency posted an alert that credit information is used in setting rates (do you still want to submit your information?). I was immediately concerned because my lender has been adamant amount not seeking new credit, and I don't want him to question this sudden, new inquiry on my report.

1. Do insurance inquiries show up like credit inquiries?

2. Are lenders savvy enough to tell the difference?

It certainly makes sense to me that I'd go ahead and find an insurance before the first premium is due, rather than waiting until after i close. ...

Lemontwist4 · ‎08-25-2013

I had the same concerns and asked my loan officer and she said that shopping for home owners insurance was okay if it shows on the credit report because you have to have it before you close.

Sent to USDA on August 14th 2013 Approved September 5th CLOSED September 9th!!!!!

Amythyst · ‎08-25-2013

They should only be soft pulls.

kimmiller112 · ‎08-26-2013

What is frowned upon are inquiries that result in a new line of credit such as a new credit card or a new car loan. Inquiries for insurance will probably be soft pulls - even if it shows up as a hard pull, the LO will see that. Insurance is required before closing.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500

pizzadude · ‎08-27-2013

@kimmiller112 wrote:
What is frowned upon are inquiries that result in a new line of credit such as a new credit card or a new car loan. Inquiries for insurance will probably be soft pulls - even if it shows up as a hard pull, the LO will see that. Insurance is required before closing.

+1. Insurance inquiries ( home, auto ) are almost always soft pulls.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

DallasLoanGuy · ‎08-27-2013

@sr383 wrote:
I tried to get a quote on a homeowner's policy, and the agency posted an alert that credit information is used in setting rates (do you still want to submit your information?). I was immediately concerned because my lender has been adamant amount not seeking new credit, and I don't want him to question this sudden, new inquiry on my report.

1. Do insurance inquiries show up like credit inquiries?
2. Are lenders savvy enough to tell the difference?

It certainly makes sense to me that I'd go ahead and find an insurance before the first premium is due, rather than waiting until after i close. ...

1. no

2. we dont see them

Retired Lender