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I'm thinking of refinancing my mortgage. I called my current lender, and was given a quote for a refinance with a lower interest rate, and $1200 in closing costs. Now I'm trying to shop around for other offers. I called Quicken Loans, and they didn't want to even give me any quotes that included closing costs without running a credit check.

I realized once I apply for a loan from a company, they should run a check on me, of course. But to even inquire about loans to decide where to apply? Is this right?

I'm concerned that these credit checks, if I agreed, will ding my credit score, and undermine what I can eventually get.

  • Did you ask them if it's a hard pull or a soft pull? – mbhunter Jan 7 '11 at 4:05
  • I did. He couldn't answer. – bshor Jan 7 '11 at 5:05
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When shopping for a mortgage, you get a grace period where all credit pulls related to mortgage shopping in 14 days only count as one credit pull. Having other banks pull your credit to get a quote should not additionally affect your credit because you just had a bank pull your credit for the first quote.

  • He is really asking why do they need to pull your credit just to tell you the closing fees. – Vitalik Jan 7 '11 at 20:14
  • @Vitalik: I guess I focused on this part of the question: "if I agreed, will ding my credit score, and undermine what I can eventually get." – Alex B Jan 7 '11 at 20:48
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    Thanks for the answer. That's helpful. But I am surprised that they'd need to pull credit just to let me know the fees. If the fees are outrageous, why go through with the discussion at all? – bshor Jan 8 '11 at 23:04

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