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kluevs01

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does checking with multiple lenders for home loan hurt credit rating?
I will be selling current home in upcoming months but want to check with some lenders (maybe 3-5) about pre-approval for buying new home. Will inquiring with multiple lenders negatively impact my credit score as opposed to only checking with one lender?

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kluevs01, if you have all the lenders you check with pull your credit, then yes, it may affect your credit score negatively.  The rule of thumb that I always use, and advise my clients of, is a 60 day window you can have your credit pulled a few times 2-4, and it should not affect your score much.  I would suggest having one lender pull your credit, they should then be able to tell you what your credit score is, and then you can contact other banks / mortgage brokers and they can then work up some numbers based on the credit score you gave them.  It won't be as good as them actually having your credit report, but they should still be able to give you a pretty good idea of what kind of deal they can offer.  Hope that helps.  Feel free to contact me if you are in Ohio, I'd be happy to assist.

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