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How many pre-approvals


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How many pre-approvals shoud I get before deciding on a lender?

The answer should be simple - who has the best terms, rates, and payments.

Years ago as a loan officer, I remember one borrower who contacted me for a quote on a purchase. We ran her credit, she had a good credit score. I gave her the price pricing I could get. She said she would get back to me.

Two months later she did. When we ran her credit, her score had significantly dropped, and she no longer qualified for the program I had offered her previously.

Point - you do no want to have your credit run too many times.

One thing you could do, get a copy of your credit report - black out your social, then you can go shopping for different lenders. That way your report is ran multiple times.

I read some where - the person that runs your credit, was required by law to send you a copy. I'm not sure if that is still valid. You can get your own report at freecreditreport,com or by contact one of the agencies below.

* Experian Credit Bureau (formerly TRW): 800-301-7195 (Cost: $8)

* Equifax Credit Bureau: 800-685-1111

* Trans Union: 800-916-8800


is have the last person who run it, send you a copy

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I recently had the same problem , where I wanted to shop around but each lender Loan officer, or bank would tell me they had to run my credit even though I had a recent credit report from each company EQ TU and EX . I finally gave in to wells fargo and they pre approved for 50k less then what I was pre qualified by another lender for and they helped drop my score with their inquire. I wonder if their really is something the future buyer could do to help these lenders allow the buyer to shop conservatively while not allowing these lenders to drop the buyers score.

I mean really I don't even care for wells fargos pre approval now . GRRRR

looking at some of the GFE I see they want to change prices 55 to 20 to 75 for credit reports . why can't we go on their computer pay the measly fees that the Credit bureaus charge and not have to worry that our credit score just dropped , because some lender may or may not get my business.

( I am aware that the fako scores are different from an underwriters but just like a good faith estimate , why can we give a good credit estimate?)

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Like someone else stated, go with the Loan Officer who offers you the best product.

Also, as a recent first time home buyer, I put alot of stock in "gut" instinct. If I felt my Loan Officer was not on my side, I would have went with another lender.

Also, if one of the Loan Officers has history with a friend/family member, I believe that should weigh heavily in the selection process.

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  • 2 weeks later...

In addition, so long as your loan officer is thorough and asks detailed questions, and you provide HONEST, detailed answers...they may not need to run one to quote you a rate/term.

Ive done this numerous times and actually prefer not to pull credit until I have a commitment from the borrower. I generally ask alot of detailed questions about their credit history to get an idea and most of the time it always works out.

There are other times when people are unsure or embarrassed about their credit history and "forget" to mention that they have several delinquencies, as if I would somehow not find out.

Best of luck!

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