topic Re: New inquiry window for martgage shopping ? in Mortgage Loans

New inquiry window for martgage shopping ?

Anonymous — Tue, 29 Dec 2020 15:18:37 GMT

Can anyone tell me how long the window is for mortgage inquiries to only count as one inquiry ?

Re: New inquiry window for martgage shopping ?

ShanetheMortgageMan — Tue, 29 Dec 2020 18:16:50 GMT

Pretty sure it's 30 days.

Re: New inquiry window for martgage shopping ?

Anonymous — Tue, 29 Dec 2020 19:03:53 GMT

@Anonymous wrote:
Can anyone tell me how long the window is for mortgage inquiries to only count as one inquiry ?

@Anonymous no, it is 45 days for Equifax and TransUnion flavors and 14 days for the Experian flavor.

Re: New inquiry window for martgage shopping ?

Anonymous — Tue, 29 Dec 2020 19:04:32 GMT

And there’s a 30 day buffer, so you don’t see the point change for 30 days from the first one.

Re: New inquiry window for martgage shopping ?

ShanetheMortgageMan — Tue, 29 Dec 2020 19:31:37 GMT

Does that apply to the mortgage FICO score algorithm (5/4/2) as well?

Re: New inquiry window for martgage shopping ?

Anonymous — Tue, 29 Dec 2020 20:20:13 GMT

I was speaking of 5/4/2. Version 8 is 45 days at all bureaus.

Re: New inquiry window for martgage shopping ?

ShanetheMortgageMan — Tue, 29 Dec 2020 20:22:37 GMT

@Anonymous wrote:
I was speaking of 5/4/2. Version 8 is 45 days at all bureaus.

Good to know, thank you!

Re: New inquiry window for martgage shopping ?

Citylights18 — Tue, 29 Dec 2020 21:39:26 GMT

I don't know about the window but I think most of the shopping can be done informally.

For instance you can ask a lender about their products, DTI ratios ect. Do they offer FHA or do they not offer FHA. Do they participate in state sponsored first time home buyer programs (that you can see online too).

Rate quotes lenders could be an 1/8th to 1/4th higher than what they'll probably get to make sure they don't under deliver. In most cases I don't think there is a lot of play when you're comparing apples to apples (e.g. FHA loan to FHA loan).