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Valued Member
Christian
Posts: 39
Registered: ‎06-22-2007
0

Mortgage Shopping

I am hearing differing reports on the timeframe that I have to "shop" for a mortgage loan.  I was under the impression that you have a 14 day window where all Mortgage inquiries count as only 1 pull.  But someone told me yesterday that it was 45 days.  Anyone know for sure?  Thanks!
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Mortgage Shopping

14 days for the INQ FICO Impact to count as 1. But IMHO the INQs are worth it in these days of rising rates and so many programs to choose from.
 
Good luck.
 
Rob
Valued Member
Christian
Posts: 39
Registered: ‎06-22-2007
0

Re: Mortgage Shopping

Thank you sir!
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Mortgage Shopping

The MyFICO learning center says:
 
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
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