How and why does preapproval for a mortgage affect my credit score?

Since your credit needs to be pulled, it will affect your credit score slightly, likely by only a few points. The advantage to a preapproval, however, is that you are ensuring yourself, your real estate agent, and potential sellers that you can afford the homes you are looking at. There is nothing more devastating that finding a home you love only to find you can't qualify for it. It also lets the seller know you are a serious buyer, and in today's competitive market, this can be a very useful tool to get them to look seriously at any offer you make. If you would like to know more, or get pre-approved you can call me at 858-412-0712 or email me at adrielle@californiamortgagedirect.com.

HI RickyRich49rs, a pre-approval will require your credit to be pulled. Once your credit is pulled it can possiably lower your score by 3 to 4 points. This is how a pre-approval will effect your credit.PBWiseChoicePB@gmail.com

There is no average when it comes to how much a credit score is impacted by an inquiry.. the lower your score, the greater the impact, the more inquiries you have, the greater the impact.. the higher your score, the lower the impact.. Your credit will need to be run if your applying for a mortgage, however when your credit is run and they tell you your score, the impact of the credit inquiry is already included in the score they give you.. Also understand that any other inquiry within the same "Industry" within a 30 day time frame will not lower your score at all.. so if you have your credit run by 5 different mortgage companies within 30 days, your credit score would be exactly the same (assuming everything else in your credit report has not changed).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

william is correct, but in general, only by a few points and irrelevant if you go with that lender as they will already have the score.

It doesn't... for 99% of the people, 99% of the time, having someone look at your credit will have NO EFFECT WHATSOEVER ON YOUR CREDIT SCORE. On the other hand, if you've had 20 different creditors look at your report in the last 90-days only, it will have a small effect in lowering your score. Don't be fooled by the myth of a few inquiries!

Ricky, because the lender pull your credit report. I recommend you to get a DU approval. With the DU approval, 99% of real estate agents know that you are serious buyer.email: Robert@gvlending.com if you need one.

It Should Not AffectYyou If You Only Go With One Lender One Credit report. Dont Let A Broker submit To Multiple sources

It will make no difference as long as you go through the same lender for your mortgage once you have a ratified contract because the lender will use the same credit report unless it has expired, usually 90-120 days unless it is a new home. Having your credit checked as part of a preapproval is the only way for you, the Realtors involved and the seller to know you are truly qualified to purchase the home - no one wants to waste time or tie up a property for weeks or a month if the buyer isn't able to get financing.