How do I get pre approved, and will it hurt my score?

[yonit]

I'd be a first-time home buyer and would have no joint application or cosigner. I have a decent fico score of 704 but I don't want it to drop while trying to get pre qualified. I already have a lender in mind, but I just don't know how to determine the best plan of action, and if I should even be buying. Any suggestions are appreciated! Thanks

[Mrs_hambright]

It's not going to hurt your credit as much as you think.. I think it depends on your other inquiries but I was just pre approved last month after trying for 3 months.. That was 3 different pulls & my credit was only hit my maybe 3-5 points

[ezdriver]

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@yonit wrote:
I'd be a first-time home buyer and would have no joint application or cosigner. I have a decent fico score of 704 but I don't want it to drop while trying to get pre qualified. I already have a lender in mind, but I just don't know how to determine the best plan of action, and if I should even be buying. Any suggestions are appreciated! Thanks

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The two objectives you state are in conflict. To obtain a mortgage preapproval requires that your credit be pulled. How much that inquiry will impact your score is anyone's guess ... so you may as well guess at the hit. Do you care more about being preapproved for a mortgage or about the possible hit that an inquiry would have on your credit score. If the former, then forget about the latter and go get the preapproval done. If the latter, then do nothing.

[J_G]

You can have some mortgage loan officers look at all your other stuff without pulling your credit and give you a conditional approval. If you are scared something else in your file might prevent you from being approved.