Salvador Cortez at Absolute Mortgage Group Inc.
Get The Facts: Will Pre-Approval Hurt My Credit? - Absolute Mortgage Group Inc.
Get The Facts: Will Pre-Approval Hurt My Credit?
We're spilling the beans on whether getting pre-approved for a mortgage lowers your credit score.
Does a Pre-approval Impact My Credit Score?
Benefits of Getting Pre-approved
Help You Determine Your Ideal Price Range
More Bargaining Power
Faster Closing Time
Should You Get a Mortgage Pre-approval?
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Getting mortgage pre-approval is one of the first steps toward buying your dream home. Pre-approval boosts the likelihood that the seller will accept your offer and gives you a detailed quote for your homebuying budget.
But homebuyers often hesitate because they think that pre-approval hurts their credit score. Will it?
The truth is that it will temporarily lower your score, as is true whenever a creditor pulls your credit report. But the benefits of getting pre-approved outshine the slight dip in your score. Read how.
A pre-approval usually requires a hard credit inquiry, although a soft inquiry is all that is needed for a pre-qualification. A hard inquiry can lower a borrower's FICO score by about five points or less. These lost points are typically recovered by keeping up with your on-time bill payment and maintaining your credit card debt low.
While every point matters in credit reporting, getting pre-approved is still one of the best actions you can take when looking to buy a home.
Don't let the small dent in your score prevent you from getting a pre-approval! The advantages of getting approved overshadow any negative impact on your credit score. Here's how that breaks down
Knowing how much house you can afford helps you concentrate on properties that fit your budget, saving you time during house hunting. We'll also review your application and, based on your verified income and assets, make sure that your approval aligns with your budgeting.