Make sure you Pre-qualify for your Oregon or Washington Mortgage
Before even looking for your first house, you can Pre-qualify for your Oregon or Washington Mortgage ensuring the rest of the process is hassle-free. Vantage Mortgage Group can help you get pre-approved and on your way to home ownership! Contact one of our purchase specialists today to start your pre-approval today.
Why Should You Pre-qualify for your Mortgage with Vantage Mortgage Group?
- Vantage works exclusively for YOU without bank influence
- Nationally recognized Mortgage Professionals here for you in the Northwest
- Fast and efficient, on-time closings with excellent communication and rave reviews
Will Mortgage Rate Shopping Hurt My Credit?
Each time you apply for new credit you’re going to be hit with a hard inquiry. Hard inquires will pull your score down by a few points, but is only 10% of the overall scoring.
However, FICO models allow consumers to shop for the same type of credit within a certain period of time.
The credit bureaus identify that you’re comparison shopping by recognizing the types of credit for which you’re applying.
According to the Consumer Federal Protection Bureau (CFPB), the impact on your credit is the same regardless of the number of inquiries, as long as the inquiries are made by mortgage brokers or lenders within a 45-day window.
However, it’s important to note that some companies are using older FICO models. Some older FICO models allow for just 14 days for multiple inquires to have the impact of just one.
For this reason, a good rule of thumb is to try to limit your credit pulls for rate shopping to two weeks.
If you already have a good idea on your tri-merge credit report and mid-FICO score (such as if a lender already pulled), you can simply share this score with any mortgage broker or lender for a quote. They certainly don’t need a credit report to provide an informal rate quote or analysis, but only when ready to formalize pre-approval and lock in an interest rate.
We consistently strive to offer consumers the best possible mortgage experience by using a transparent and systematic approach that makes lenders compete for your business. The more educated the consumer, the greater chance they will become a Vantage client when comparing mortgage providers. Don’t just take our word for it, here are some reviews that our past customers have left!