Getting 4 pre-approvals within a months time ......

2 Replies

I was wondering if it would hurt my credit, if I were to apply for a loan with 4 different Lenders , to see which will give me the best rate, and more particularly for me ..... Loan me the most amount

I have been approved for a $65,000 loan from one Lender , but wanted to apply  for a Loan with 3 other Lenders, and see if I can get a higher amount ...... $75,000 - $80,000 preferably .

I just don't want this to hurt my credit , by submitting / applying for 4 different Loans ?

Should be ok , as long as I do them all with  a 1 month time .... I should be fine ( as far as it not hurting my credit and or bringing my Credit Score down )

Thanks so much as always - Michael

@Michael Dunn

Is it possible to just ask them what their "fees" are and get the current rates based on what mortgage you want to pursue (ie, 30yr, 15 yr) and feel them out on your case to see what they would approximate?

Doesn't seem like you really need to "apply" for a loan.

The part about the "credit" check, I've always been told that it was a "soft" check and would not affect the credit reporting. And when I did this they were right, there was no adverse affect.

When I shop around for lender fees (prior to my having one lender-person I go to now. developing history and I've been able to get things done quicker like the pre-qual) I just call and ask and when I want to go with one based on that, rarely does it change if at all in the time frame you are going to apply, then I get a pre-approval just before I know I will want to submit an offer.

Lenders probably always want to pull it themselves but I wonder if they would be amenable to you providing a copy as a "what-if" nothing official to get an approximation.

Hope this helps good luck.

I have been told by multiple lenders that the credit reporting agencies have a general time frame of between 30 and 45 or so days that they expect you to be shopping around within. So multiple checks within a month should be fine in the eyes of the reporting agencies.

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