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How do you shop for a mortgage without it looking bad toward your credit?

post #1 of 10
Thread Starter 
Where do I begin to shop for a mortgage? Will applying with different lenders hurt my credit? How do I find someone that offers FHA loans?

Any help would be great as I have found a house I am very interested in, within my price range and there is no realtor involved as its for sale by owner and I know the owner. The price he accepted is 40k below appraisal if that makes any difference.
post #2 of 10
We just bought a House. I would research them at the Bbb. Ours does both types of Loans but we didnt want the Fha because Tax and Insurance were included with the Payment. I can ask my lender if she knows od any good places that do Fha where you live.
post #3 of 10
Thread Starter 
That would be great! Thank you so much! Asheville, NC. PM me if you get any info. Thank you, thank you, thank you!
post #4 of 10
You can do research into the companies without actually applying and it ever showing on your credit score. Get a copy of your own credit score to take with you if they ask for more information to direct you to the right type of mortgage and just make an appointment to ask what kind of services they offer, at what rate, what is included etc.
post #5 of 10
I will ask Carol our lender this week. They are closed today for Labor Day.
post #6 of 10
i used a mortgage broker.
post #7 of 10
I'm not sure you can actually apply for loans without it showing up on your credit report. I just checked with DH because he's the one that handled our mortgage. He said any time you apply for anything (even a credit card) they will run your credit. Now, that doesn't mean that you can't get ideas about payments and whatnot. Try the banks websites and see if they have loan calculators on there. Or just call and see if they can give you an idea without pulling up your credit.
post #8 of 10
This is what I found at http://www.myfico.com/CreditEducatio...Inquiries.aspx

Quote:
What to know about "rate shopping."Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
But you don't want to drag it out according to this article. http://articles.latimes.com/2001/aug...iness/fi-30870
post #9 of 10
Thread Starter 
Those articles really helped give me some info. Thanks!
post #10 of 10
My Lender is on Vacation until next week. We tried to call her and there was a message saying she is out of town.
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