How Does Shopping for a Mortgage Affect Your Credit Score?

Mortgage RatesEver wondered how shopping for a mortgage affects your credit score? Most people are aware that too many checks on your credit score can negatively affect your credit score. So what happens when you want to get the best rate on your mortgage? Will running your credit with multiple lenders actually hurt your chances of getting a mortgage? Apparently not according to Dan Green on his The Mortgage Reports blog.

The credit bureaus view credit checks for mortgages differently than those for credit cards or store cards. A credit inquiry for a mortgage will only lower your score by approximately five points. In addition, you can shop multiple mortgage companies and only take one hit on your credit as long as it’s done in a 14-day span.

To find out more about shopping for mortgages and how it affects your credit score, visit The Mortgage Reports here.