It will not hurt your credit it might pull it down 1 or 2 points but here is why
The way the scoring systems are built they are built to allow you to shop rates/terms over a period of a month on large purchases. Homes, Auto's etc.
Also just find a broker give him/her your info and then let them shop lenders for you, they wont have to pull credit numerous times they should know right when they look at your credit file where the file is going.
Also, when picking your broker just call around and ask what the average closing costs on a 150,000 dollar loan. After they tell you see if they can break it down. A broker will explain anything when they think they have a "live one" on the phone.
Then once your satisfied with what the loan is going to cost you then worry about rate/terms. Anyone can have lower rate/terms then anyone but they may charge you an extra 2,000 for the priviledge of doing business with them.
Just shop without giving credit info untill you are happy with what you have found
When "shopping" for a lender, pull your reports from 3 CRA, order directly from www.myfico.com or from any of the 3reporting ctrs., then personally review everything - from all 3 CRA's ensuring all is accurate & correct! If ok, then see what's your avg. score- to obtain a idea for what's avail. to you .Review the lenders site on this forum to see what obtainable. Then, use the reports to have lenders give you a initial quote, W/O PULLING YOUR REPORT EACH TIME! If you, like a particular lenders offer, then pull all reports w/in a 2 week period- won't affect your scores if done that way. GOOD LUCK! MARK
It will not hurt your credit it might pull it down 1 or 2 points but here is why
The way the scoring systems are built they are built to allow you to shop rates/terms over a period of a month on large purchases. Homes, Auto's etc.
Also just find a broker give him/her your info and then let them shop lenders for you, they wont have to pull credit numerous times they should know right when they look at your credit file where the file is going.
Also, when picking your broker just call around and ask what the average closing costs on a 150,000 dollar loan. After they tell you see if they can break it down. A broker will explain anything when they think they have a "live one" on the phone.
Then once your satisfied with what the loan is going to cost you then worry about rate/terms. Anyone can have lower rate/terms then anyone but they may charge you an extra 2,000 for the priviledge of doing business with them.
Just shop without giving credit info untill you are happy with what you have found
When "shopping" for a lender, pull your reports from 3 CRA, order directly from www.myfico.com or from any of the 3reporting ctrs., then personally review everything - from all 3 CRA's ensuring all is accurate & correct! If ok, then see what's your avg. score- to obtain a idea for what's avail. to you .Review the lenders site on this forum to see what obtainable. Then, use the reports to have lenders give you a initial quote, W/O PULLING YOUR REPORT EACH TIME! If you, like a particular lenders offer, then pull all reports w/in a 2 week period- won't affect your scores if done that way. GOOD LUCK! MARK