Preapproval Pulls

[Anonymous]

I've several contradicting answers in a few threads and I'd like to know definitively: I plan on purchasing a home in November and would like to get preapproved in Sept or Oct. When shopping for mortgage preapprovals will they be hard pulls or soft? Thanks.

[DallasLoanGuy]

hard

[Anonymous]

I sent in application through Quicken Loans and watched the hard pulls pile up.  Negatively impacted my credit score but since I've been paying off/down all my credit cards, it went back up again.  They're great to work with though.  Really fast pre-approval and my LO at Quicken said two weeks to finalize (much better than what I'm getting through Wells Fargo). 

[Anonymous]

I hand carried a copy of my credit report to the first meeting with my mortgage lady and told her not to pull yet and asked her what I should do before the hard pulls come. She helped me figure out what all I needed to do (pay down CCs, etc), then we decided when I was ready for the hard pulls.

She's been nothing but helpful and patient along the way. Don't be afraid to talk to mortgage lenders and ask them what to do!

[DallasLoanGuy]

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Shnapple wrote:

I hand carried a copy of my credit report to the first meeting with my mortgage lady and told her not to pull yet and asked her what I should do before the hard pulls come. She helped me figure out what all I needed to do (pay down CCs, etc), then we decided when I was ready for the hard pulls.

She's been nothing but helpful and patient along the way. Don't be afraid to talk to mortgage lenders and ask them what to do!

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Be careful. Some of these loan officers don't know squat about FICO scores.

Ask lots of questions.