MTG Preapproved! More INQ's????

Mine was pulled a total of 8 times during the process. Yes-they were all HARD inquiries. They pulled 2 hards on each report when we first were preapproved. They continued to pull 2 hards (same mortgage co but inquiries were under 2 different names but were on the exact same dates) every few months until the final closing which was 9 months from the beginning of our homebuying process. I didn't know any better at the time (this was in '98) or I would have raised bloody hell.

 

Mist,
Where you building a house?

That's a long time to be doing the homebuying process. When I went, the pulled a tri-merge and said, "Don't let anyone else pull your report". I took that to mean them too!

They haven't pulled it either. I went to another lender (just in case I wasn't approved) and she pulled my Equifax only. They won't pull it again until they are ready to approve and go forward with the paperwork. And probably one more time before we close.

 

I heard somewhere that the CRA's actually take home and auto inquiries in a short period of time and makes them only one. So if you can actually shop around for a car or morgage without it hurting your score.
scott

 

I believe it really depends on how long your escrow is. If it's a short one <30 days, they MAY pull it one more time. If it turns out to be less than 30 days between the first time they pulled and the next time, it shouldn't affect your score. It's "suppose" to work that way so that you are not penalized for possibly just shopping for the best interest rate.

If escrow is over 30 days, most likely they'll pull it again to make sure you didn't go and max out credit cards or take on more credit.

 

Between brokers, the lender, and insurance, mine's been pulled six times in 2.5 months. They will pull another the day before we close (who knows when that will be). This has been one big pain in the butt.

Gib

 

CoNgRaTuLaTiOnS NiceGuy! Are you buying existing home or new construction???