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Multiple mortgage pre-approvals and effects on credit score

My wife and I are starting the process of buying our first house. We would like to shop around a bit to get the best loan. I have heard that if your credit is run too many times, it can negatively impact your credit score.

If I'm shopping for a loan, won't each financial institution run a credit check? If that's the case, will that negatively impact my credit score?

Thank you,

  • 1
    Credit checks are often made after a loan application has been submitted and the application fee paid. Remember that the credit reporting agencies charge the lender a fee for the credit report, and so simply talking to a loan officer does not mean that your credit report is automatically pulled. So, until the loan application fee is paid, it is usually the loan officer talking to you and assessing whether it is worth their while to invite you to fill out the application form: no point in proceeding if you obviously don't meet the institution's own internal requirements. Apr 24, 2012 at 12:42


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