I found a student refinance borrower and thought I had a good rate so i opted for the hard credit pull on 3/12 and got approved for a decent rate. Recently, i became aware of a different company and they gave me a introductory rate cheaper (4.03% vs 4.98%) than the rate i have already submitted the application and hard credit pull for. How much will that impact my credit score if I submit another application with a hard credit pull at this 2nd borrower? I should note, we are also getting ready to apply for a mortgage on a vacation home. I want to do as least as much damage to our credit score, if possible. Any help/advice is appreciated!
May 3, 2014
Great question Megan.
My understanding is that the credit bureaus consider all applications of the same type within a 45 day window to be “shopping around”, meaning it wouldn’t do any additional damage.
To be extra safe though, I’d suggest reaching out to the mortgage company you will be working with to discuss this issue. Another hard pull could be an issue, but getting a lower monthly payment could actually help your chances of getting an approval.
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