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What You Don't Know About Pre-Approvals Could Hurt You

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Today I want to speak about something that's not often talked about in the real estate and lending industries. I'll discuss whether or not a pre-approval will hurt your credit score.

The truth is that inquiries into your credit can cause your score to drop a few points. However, having it checked by multiple lenders will not cause it to drop multiple times.

The thing to keep in mind is the difference between a soft and hard credit inquiry. When your credit is being checked for a mortgage loan, auto loan, or a retail account, those all act as hard inquiries. These sort of checks will have an impact on your credit score, but only slightly so.

It is important to know your credit score before you go through the process of getting a loan. Know if you're on the fence and whether or not you need to take care of any issue before you get a credit loan.

We have a great list of mortgage professionals that we can recommend to you if you need assistance with a loan. We would love to put you in touch with them!

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