A coach for the week you shop for a mortgage
The credit-inquiry window
Coach's call
Applying with several mortgage lenders in a short period generally has the same effect on common credit scores as a single inquiry, because scoring models group mortgage shopping. The exact window depends on the scoring model, so the safest approach is to request all your quotes within a few days.
Last reviewed against the primary sources listed below.
What the CFPB says
The CFPB explains that multiple mortgage credit checks within a shopping period generally count as one for scoring and that shopping is worth it.
Keep it tight
- Request all quotes in the same week.
- Avoid opening other credit, such as a car loan or new card, during shopping.
- Ask each lender whether it needs a hard pull for a Loan Estimate.
Shoppers ask the coach
Does shopping for a mortgage hurt credit?
Multiple mortgage inquiries in a short shopping window are generally treated as one by common scoring models, so the effect is usually small.
What credit score is needed for a home loan?
Minimums vary by program and lender. Ask each lender what applies to the loan you are pricing.