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Thread: Mortgage Credit Inquiries
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- 12-08-2006, 08:45 PM #1
Super Moderator
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Mortgage Credit Inquiries
Whenever you apply for a mortgage you have 14 days to apply elsewhere without a ding on credit. So I encourage you to get some various offers and to evaluate each closely.
A mortgage lender has 3 business days to send you a disclosure package called respa. It entails various policies and loan disclosures that will aide you in picking the best loan.
If you have any more questions just let me know.
- 12-21-2006, 01:57 PM #2
Gold Belt
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I thought every inquiry hurt your score, unless you pulled the credit yourself. Is this an exception to your other post, Greg?
“You are the same today that you are going to be in five years from now except for two things: the people with whom you associate and the books you read.” -- Charles Jones
- 12-21-2006, 02:38 PM #3
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Whenever a mortgage lender pulls your credit, provided they pull what is called an RMCR (Residential Mortgage Credit Report) then it triggers the credit repository score card (the logical computer data table used for determining your score) to not drop your score for additional inquiries within 14 days of the original credit pull. Nearly all mortgage lenders use an RMCR.
This is one of the rare instances where additional inquiries would not hurt your score but I highly suggest that you only have 1 pulled and tell the other lenders you contact what your middle score is. I would still avoid having them pull your credit if you can.
Even though your score may not be impacted it does not mean a lender may not turn you down due to your high number of inquiries.
- 12-21-2006, 02:43 PM #4
Gold Belt
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Whoa... that first paragraph was over my head. LOL!
Anyway, I think I get it. Mortgage people pulling my score within 14 days of the first pull shouldn't hurt my score, but just to be safe give the subsequent people my "middle" score.
I assume the "middle" score means the score in the "middle" out of the three you can get. Seems obvious, but is that right?“You are the same today that you are going to be in five years from now except for two things: the people with whom you associate and the books you read.” -- Charles Jones
- 12-21-2006, 02:45 PM #5
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- 12-21-2006, 02:52 PM #6
Gold Belt
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Hehehehe! That's not what "crafty" is supposed to mean. Check my profile for why I am really "crafty". LOL!
“You are the same today that you are going to be in five years from now except for two things: the people with whom you associate and the books you read.” -- Charles Jones
- 12-21-2006, 03:15 PM #7
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- 02-14-2007, 02:25 PM #8
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Most lenders that are worth a darn won't just go off what you tell them your score is, though.
- 03-16-2011, 06:40 AM #9
Gold Belt
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Very interesting concept. The UK is very different. Unfortunately, every lender you approach will do their own credit search (with your permission). There is no such things as a RMCR. It's a great idea though, it should be incoroporated into the UK system.
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