Mortgage Applications & Credit Inquiries: What You Need to Know

Mortgage Applications and Credit Inquiries: What You Need to Know

Table of contents

Key takeaways

  • Hard credit inquiry for home loan can affect score by 2-5 points. 
  • Multiple lenders can check credit for same loan within 45 days without multiple hits.
  • Check own credit before talking to lender to ensure accuracy and identify errors or fraud. 
  • Hero Home Programs™ lenders help improve credit score for best loan benefits. 
  • Accredited lenders consider multiple factors to match with best loan package and provide financial freedom.

How does a hard credit inquiry affect my score?

If you’re looking to buy a home, you may be wondering about the mortgage application and how that impacts your credit score. (HINT: There is great news within) When applying for a home loan, this requires a hard pull on your credit, also known as a “credit inquiry.” As you might know, credit inquiries can influence your overall credit score. Generally, a hard pull will impact a credit score by roughly 2 to 5 points (Keep in mind, this is just a rough estimate). In order to understand your real mortgage options, you will need to have your credit reviewed. Every mortgage lender has to check your credit so that they can determine what loan programs and benefits you qualify for. This is an essential step to matching you with the best loan package suited to your unique situation.

Can I talk to multiple lenders without taking several hits to my credit score?

A common fear that many home buyers have is that they don’t want to take multiple hits to their credit, especially if they want to shop around for different mortgage options. The great news is, as long as you stay within a 45-day timeframe, you can have multiple lenders check your credit without taking several hits to your score! According to the Consumer Financial Protection Bureau, “Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry.” This means that you have the option to talk to different lenders and submit multiple mortgage applications, without having to take multiple hits to your credit score (as long as those credit checks are all conducted within a 45-day window). However, this rule only applies if the credit inquiries have to do with the same loan product (IE a home loan.) For example, let’s say you fill out a mortgage application and have your credit pulled by a mortgage lender. Then, a week later, you decide to apply for a credit card. Even though you’re staying within that 45-day window, both credit checks would impact your score because those are two different financial products (IE a home loan vs. a credit card).

Should I check my credit before talking with my mortgage lender?

It’s a good idea to take a look at your credit before speaking with your mortgage lender. Generally, when you check your own credit, this is known as a  “soft inquiry” and will not impact your score. You can check your credit score using on of the three major credit bureaus: Experian, Equifax, or TransUnion. If you haven’t already, you should obtain your free credit report from This website is backed by the Consumer Financial Protection Bureau. It’s important to view your credit report periodically to ensure that there are no errors or fraud that could be impacting your credit history.

Will my Hero Home Programs™ lender help me with improving my credit score?

When you talk to your Hero Home Programs™ mortgage lender, they’ll ask you for a rough estimate of your score BEFORE doing any hard inquiries on your credit. The reason for this being, we want to understand your credit situation before making any changes that could impact your score. At Hero Home Programs™, we are committed to helping you improve your financial situation. While other mortgage companies might pull your credit right off the bat, our Hero Home Programs™ accredited lenders will only pull your credit at the appropriate time. In addition, after checking your credit, if it’s in your best interest to improve your score, our lenders are committed to helping you through this process, even guiding you through the credit repair journey. We want you to be in the best position possible when buying your home, so that you can qualify for the maximum amount of loan benefits available to you. Our aim is to not only help you get into your dream home at the best price and the best value possible, but we also want to help you improve your financial situation overall. Our accredited lenders take multiple factors into account such as your income, credit history, current circumstances, future goals, and your timeline. All of these factors, and more, are essential when it comes to matching you with the very best loan package suited to your unique situation. By taking these different factors into account, our accredited lenders will not only guide you through your home buying journey, but also help you obtain better financial options and more financial freedom for years to come.
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Jacquelyn Sublett

I love teaching and writing on real estate, finance and mortgage topics. I find it fulfilling hearing stories of first time home buyers who we have helped with the home buying process. Writer for the Hero Homebuyer Programs™

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