Question about hard pulls from different mortgage lenders

[anh2lua]

Hello,

Please accept my apology if this is duplicate question. 

I've read many posts about hard pulls, but I am still not 100% clear.

I am shopping for a mortgage rate.  The first LO pulled my credit reports on 2/10/2012.  I want to check with some other lenders, like WF, Chase.  So, if another bank/broker pull my credit again before 3/09/2012, then there will be no ding to my credit reports.  RIGHT?

[fused]

Moved to the Mortgage Loans forum.

[Walt_K]

I think it's 15 days of 45 days depending on which version of FICO is being used, but I can never keep it straight.  You can always go to the other lender, show them your scores from your other pull, ask them what they can do for you, and then only let them pull your credit once you've decided who is offering you the best rate.

ETA: Should read 14 days or 45 days, see MVV's response below. 

[boomhower]

What kind of loan are you looking at?  At well above 640 your fine for a lot of programs that don't base rate on score and the difference of fees can be significant and worth the small impact an extra inquiry or two will inflict that won't matter anyways.

[anh2lua]

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@Walt_K wrote:

I think it's 15 days of 45 days depending on which version of FICO is being used, but I can never keep it straight.  You can always go to the other lender, show them your scores from your other pull, ask them what they can do for you, and then only let them pull your credit once you've decided who is offering you the best rate.

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What does "15 days of 45 days" mean?

[anh2lua]

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@boomhower wrote:

What kind of loan are you looking at?  At well above 640 your fine for a lot of programs that don't base rate on score and the difference of fees can be significant and worth the small impact an extra inquiry or two will inflict that won't matter anyways.

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I am looking for  a conventional loan.

My mid FICO score jumped to 686.  So, I want to keep it steady. 

@Got a good faith from one of the LO with a 30 yrs fixed @ 4.37% interest rate.  I think it should be lower than that.  Every point counts. 

[MarineVietVet]

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@anh2lua wrote:

 

What does "15 days of 45 days" mean?

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I think Walt meant to type 15 days or 45 days".

The 45 day window applies to the Equifax 5.0 version sold on myFICO and all of the FICO 8 models.  It also applies to TU 04.  But TU 98 and the EX v2 (the one we used to sell and the one most widely used) versions have a 14 day window. 

[boomhower]

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@anh2lua wrote:

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@boomhower wrote:

What kind of loan are you looking at?  At well above 640 your fine for a lot of programs that don't base rate on score and the difference of fees can be significant and worth the small impact an extra inquiry or two will inflict that won't matter anyways.

---

I am looking for  a conventional loan.

My mid FICO score jumped to 686.  So, I want to keep it steady. 

@Got a good faith from one of the LO with a 30 yrs fixed @ 4.37% interest rate.  I think it should be lower than that.  Every point counts. 

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That rate is high, you do need to shop around.

[anh2lua]

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@boomhower wrote:

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@anh2lua wrote:

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@boomhower wrote:

What kind of loan are you looking at?  At well above 640 your fine for a lot of programs that don't base rate on score and the difference of fees can be significant and worth the small impact an extra inquiry or two will inflict that won't matter anyways.

---

I am looking for  a conventional loan.

My mid FICO score jumped to 686.  So, I want to keep it steady. 

@Got a good faith from one of the LO with a 30 yrs fixed @ 4.37% interest rate.  I think it should be lower than that.  Every point counts. 

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That rate is high, you do need to shop around.

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TY.

I checked with Wells Fargo and they offer me 4.125.  I am going to ask the first LO to beat that rate or waive the origination fee  :-)