Avoiding mortgage hard inquiries?

Discussion in 'Credit Talk' started by cosjef, Jun 11, 2001.

  1. cosjef

    cosjef Well-Known Member

    I am going for a preapproval soon, and I remember reading that mortgage inquiries over a short span of time (2 weeks?) count as one? I am going to use eloan, 2 brokers, and a bank, and want to limit the damage caused by multiple hard inquiries.

    Can anyone shed some light here?
  2. dlo64

    dlo64 Well-Known Member

    I thought I read something like that. The purpose being for those who rate shop. I also thought I read that this was also true for auto loan inquiries. I also would like to know if this is a fact.

    Also, the number of inquiries within a date range (say 2 weeks) would be a clue, but how do they know which ones are in fact either mortgage or auto loan inquiries or inquiries separate from either of those? I got slaughtered with inquiries recently when I went to finance my car. The dealer, we found out decided to go rate shopping because the first lender they ran the deal through approved the loan, but they continued to run the deal through other sources. When we recently went through the loan process through a bank for a personal loan, the lender questioned the high number of recent inquiries.

    So inquiring (no pun intended) minds want to know :)

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