when you apply for a pre-approval for a mortgage..

does that hurt your credit? is that another inquiry that will lower your score or is it only when you actually go through with trying to get completely approved for the loan?

Message edited 1/6/2011 12:59:21 PM.

Re: when you apply for a pre-approval for a mortgage..

it will lower it

ANY inquiry (whether it be for a preapproval, new phone line, etc.) will lower it a little

it will show up as an inquiry from such and such a company though so it won't hurt your mortgage approval or anything like that since it was part of that process!

Re: when you apply for a pre-approval for a mortgage..

we had our pre approval done through a bank and then wound up using another bank for the mortgage

The underwriter made us write a letter explaining what the inquiry was for. No big deal but just another thing to do

Re: when you apply for a pre-approval for a mortgage..

you are allowed to shop for a mortgage for 30 days with little impact to your credit

Re: when you apply for a pre-approval for a mortgage..

When we began the process we started with PNC. I specifically asked them if the inquiry hurt your credit and he said that if the inquiry is from a bank then no but that if you go to a site like lendingtree or use a broker that it would.

Not sure how much I believe that and I don't know that there's any way to tell for sure, but I'd always heard that any inquiry lowered your credit a little, but that's what he said.