Should I shop around?

[brentlamb6708]

We just were pre approved by one lender my middle was a 643 my wife's a 663. If another lender pulls my credit would it jeopardize my chances of closing with the first lender? A 640 is the minimum required.

[JM-AM]

---

@brentlamb6708 wrote:
We just were pre approved by one lender my middle was a 643 my wife's a 663. If another lender pulls my credit would it jeopardize my chances of closing with the first lender? A 640 is the minimum required.

---

No it should not jeopardize anything...

Your scores are only dinged one time for up to 45 days of rate shopping a mortgage.

You will have several INQ's under a manual review, but still wont impact a home purchase.

What didn't you like about what they offered?

[brentlamb6708]

Our realtor/Granma suggested comparing with a lender she uses all the time because of the smooth transactions her customers have, one other question, should my score be lower since the pull today or was that already factored in the score we were given?

[JM-AM]

If you want to see if you were dinged for your scores... Pull your own Equifax report from MYFICO and see if there is a score difference, compared to lender score.

Many realtors and LO's or Brokers, recommend each other. It is a professional relationship they build up with each other. I wouldnt let any other LO or Broker know what you were offered already. Let them make their offer and you make the comparisons. Compare fees, rates, closing cost, apr, etc etc..

Just because a LO or Broker is referred does not mean you will get a better or smoother process then who you are already dealing with.

Ourselves as examples, have many Realtors, Builders, CPA's, Financial Planners, that refer us business. But we actually invite our clients to rate and compare shop us. It makes us happy and proud when they come back and say your upfront honesty, and no silly additional fees, no one would match us dollar for dollar until they mentioned what they were offered from our company. There are other companies like us that do look out for the best interest of the client.

So there is nothing wrong with shopping and making comparisons. You could just see what they offer  with-out them pulling credit. Just give them your Lender pulled scores and ask them what they would offer you. Obviously it would be based on a credit pull that everything you stated is true and correct. Ask them for the break down numbers, so you know everything that you would be paying, rates, and apr.

[Anonymous]

I shopped around for mortgage offers and is cost me 6 points on my FICO score. All were within 45 days

[JM-AM]

6 points could be just the original INQ point deduction.

I have seen others lose 8 points for one INQ

[Repo-ed]

I've lost 20 before from an INQ, but it seems as my scores go up, the ding from an INQ has gone down.

[MovingForward_2012]

+1, when I had my credit pulled by two different mortgage lenders, my score didn't go down but it dropped 9 pts after 2 more inquiries were added by the security company for the security system after closing. My guess is that because the inquiry was not another mortgage inquiry, I got dinged. But this was after closing and move in so it didn't bother me all that much. My highest score is still in the low 700's. I have noticed that my score doesn't drop as much from inquiries anymore or it could also be that when my score was lower, I was watching FAKO scores...LOL! Don't know for sure but FAKO scores seem to be super sensitive to inquiries.