cancel
Showing results for 
Search instead for 
Did you mean: 

Mortgage app inquiries after Preapproval

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

Mortgage app inquiries after Preapproval

Wondering if I screwed up by applying for 4 other mortgage companies that offer DP assistance, two months after preapproval with Navyfed, who I ultimately decided to go with. Closing in a few weeks and have already had 2 scares (IRS debt I forgot about but was able to set up payment plan and inform loan officer and another out of the blue increase in monthly debt payment that I made known as well). Other than those inquiries, my credit has actually improved due to chipping away at debt and aging accounts. Should I be concerned about these mortgage app inquiries for when Navyfed does their final credit check?

3 REPLIES 3
Valued Contributor

Re: Mortgage app inquiries after Preapproval

They absolutely WILL ask for a letter of explanation.
Message 2 of 4
New Member

Re: Mortgage app inquiries after Preapproval

Ok thanks. I had to submit a letter of explanation for my SamsClub credit card when I applied for mortgage pre-approval at Penfed which was actually just an email to my loan officer so I'll just get ahead of it by letting my loan officer know today. Thanks again.
Message 3 of 4
Regular Contributor

Re: Mortgage app inquiries after Preapproval

In my experience they asked for an explanation of all credit inquiries within the last 6 months. It was sufficient to say the mortgage inquiries were to compare loan products and rates. No additional questions from Navy. I don’t think you have a thing to worry about related to that.
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.