Mortgage Loan

[Anonymous]

Hello Peeps,  

I've got a question that hopefully somebody can answer.  NFCU advises that applying for a new mortgage loan or to refinace a mortgage loan causes a big hit to all 3 credit bureaus.  Does anybody know how much of a hit it causes?  Thanks in advance for your help.

[Anonymous]

Its just standard inquiry to all 3.its impact will depend on if its the first pull or not. Regardless its small change, take advantage of the 2 weeks allowed to shop around without impacting your score further.

[Anonymous]

I just applied for a mortgage and they pulled my score twice with no impact at all to my scores. The pulls were within about 10 days of each other.

[Anonymous]

Thanks gang. I may go for it.  I did a score simulator on myfico for the refinance and it showed a 10 point hit across all 3 for it. However for a purchase of a new home no impact at all.  

[Anonymous]

If I remember correctly it was like 1 point (myFico).  They ran again last week due to expiration and when i checked this morning, no point loss whatsoever (thats according to CK which I check on Mondays just to be aware of anything weird going on)

[Anonymous]

I believe when they do the re-pull, it's only a soft inquiry versus the hard inquiry that you get when you apply. 

I suffered a 1pt loss. 

[Anonymous]

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@Anonymous wrote:

I believe when they do the re-pull, it's only a soft inquiry versus the hard inquiry that you get when you apply. 

I suffered a 1pt loss. 

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My 2nd was a HP as well because my orig was expiring.  The one they do close to actual closing will be SP.

[DallasLoanGuy]

3 - 5 points at most is my experience