Do pre-approval mortgage loans effect your credit score?
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only if you have one and dont pay it. Otherwise any loan paid on time monthly or whatever agreed upon will give you good credit.
A pre-approval won’t affect your score, and you should definitely get one! Most real estate agents really like you to get one so you don’t waste their and your time.
no, because you have not taken the loan,,,,,,if you have taken the loan then yes.
It is like getting all of those pre-approved credit card applications in the mail.
Acutally – yes everytime the lenders check your credit , your scores go down, when i recently bought a house my credit score went down 30 pts from checking into so many lenders , make sure you only with a couple, if you have any questions feel free to email me, i spent a lot of time talking to lenders. Lisa
There is a lot of good info on this subject right here.
Since mortgage lenders do not report loans to the credit bureau until payments have been initiated, being pre-approved Willl not affect your credit score unless you get so many pre-approvals from so many lenders that the number of inquiries affects your scoring.
Make certain that the lender supplies you with a copy of your report so that you may check it for accuracy. That way, if there are things to be cleared up you wil have the opportunity to do so prior to finding a property and closing on your loan. Just a couple of points increase can sometimes make a difference on the loan program you have access to and the rate you may be able to lock in.
Happy hunting. I hope you find the home of your dreams