Question about comparing rates for bank financing

Question about comparing rates for bank financing

Optometrist · Loves Park, IL · Member since 2015 · 14 posts · 2 votes

Hey everyone,

New investor here, I have never purchased property and am currently looking to acquire a small multifamily (2-4 units) using FHA financing. I just submitted paperwork to my bank for pre-qualification. I want to compare interest rates between banks, is there a way to do this without it negatively affecting my credit score? I'm worried that if I allow all the banks to do a credit pull it will lower my credit score, is there a way around this? How do most of you get quotes from all the local banks, is there a process I should be following? Again, this is my first time doing this, so any input would be greatly appreciated.

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  • Upen PatelPro Member
    Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
    10y
    @Chad Slagle Mortgage related credit pulls done within 30 days count as 1. So it will not affect your credit score.

    Upen Patel, Mortgage Banker

    Federal NMLS# 1374243

  • Optometrist · Loves Park, IL · Member since 2015 · 14 posts · 2 votes
    10y

    @Upen Patel Thank you, I had heard something like that. Should I tell lenders I am shopping around, does it matter?

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