Credit Reports - Applying for a Mortgage

2 Replies

Hello BP Community

I am preparing to get pre approved for a mortgage. I have waited to get pre approved until I am absolutely sure that I am ready to buy, since I don’t want my pre approval to expire and suffer another credit hit after it does. 

My question is this:

Can I send an application to multiple lenders and only suffer one hard credit pull on my report? It is my understanding from online research that I can submit as many applications as I want, because multiple hard credit pulls for a mortgage application will have the same affect as one hard credit pull.

Am I understanding this correctly, and does anyone have any suggestions for applying for a loan (North Carolina)?

Thanks!

Multiple applications for a mortgage with different lenders will result in multiple credit inquiries, but your score will only be affected as if you had only applied once, so long as your applications are all done within a 45 day window.

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