Sep 6, 2015

How Shopping for a Mortgage affects your Credit Score

Contrary to popular belief, shopping around for a mortgage will not hurt your credit score. Even though multiple credit inquiries can negatively impact your credit score, there is an exception when it comes to credit inquiries from mortgage lenders.

All mortgage inquiries made in the 30-day period prior to scoring your credit are usually ignored. Furthermore, inquiries outside of that 30-day period that fall within a typical shopping period are typically counted as only one inquiry.

So, go ahead and shop around. I recommend you shop around for a mortgage with 2 or 3 potential lenders before committing to a mortgage company. Do this before you find the the home you want. Once you've put a home under contract, your loan process starts immediately and requires a lot of documentation.

Based on client feedback, the best Dallas mortgage lenders I've had experience with are:

Alison Hannah, IberiaBank,

Bill Ajello, The Lending Partners

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