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Newbie here. Please let me know if I posted it wrong place, or done anything wrong. Write many FAQs here, please be nice to me

Also, any recommended way to shop mortgage rates. I have looked at bank rate, lending tree , costco ... but haven't officially asked for any quotes yet with the fear of credit pulls.

I'm in SF bay area. with excellent credit history 740+.

Thank you, good to be here.

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rated:
Yes credit pull will hit your credit.

But if you apply for multiples all at the same time then they will be treated as one hit on your credit rather than ding you separately. The credit raters realize people shop around for rates like this so they allow for it. But make sure the applications are not spread out over time.

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Zillow

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The ding from a hard pull is small and short-lived. If you were around 700-720 then the drop might matter, but with a score over 740 a hard pull won't have any practical impact.

Multiple pulls for mortgage quotes in a short time period get lumped together, so once you get one pull there is no risk in getting several others to try to find the best rate.

rated:
In theory, multiple pulls for mortgage quotes get lumped together, but that's only if they accurately code the pulls.  They likely use a third party company to obtain the credit information.  If it's not coded properly, they will not lump together for the score calculation.  Plus, the "second"(or later) application will always factor in at least the first inquiry.

Most non-slimy lenders will expose their rate-tables to you without requiring a credit pull or any personal information, though. You punch in your credit score range, loan details, and it gives a full rate table. So, to a large extent you can shop rates without getting actual quotes.  You don't need a credit pull until you want to lock your rate in or to get a pre-approval.

You will want to pick a lender for a pre-approval, though, to have it ready for when you make an offer. If you don't have a strict timetable for buying and might be looking for a while, you should ask them if/when they'll require another hard pull for an updated pre-approval letter. Some make new inquiries for updating the date and amount on the pre-approval while others don't. My lender updated the pre-approval letter for me over a year past the credit pull, without requiring a new credit pull. (Of course, once the contract was accepted and I decided to lock my rate, at that point I had to do a new credit inquiry)

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You shouldn't have to apply to know the rates. Many brokers and websites (including zillow) will tell you the rate if you tell them the amount and your credit score. No need to submit an application just to shop around.

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www.fremontbank.com

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Do not provide Social Security # until ready to get loan from specific lender, if you are shopping around with new brokers/lenders. That often gives "permission" to do a hard pull. Anyone who will not quote based on income, known credit score--do provide which kind as there are several now--and down payment is somewhat dicey. If they say "underwriters require," retract your inquiry and try elsewhere as underwriters come later in the process: trying to overturn loan officer approvals.

rated:
jerosen said:   Yes credit pull will hit your credit.

But if you apply for multiples all at the same time then they will be treated as one hit on your credit score rather than ding you separately. The credit raters realize people shop around for rates like this so they allow for it. But make sure the applications are not spread out over time.
 

added "score". They will still show up as separate individual pulls on your credit report, but the score only drops once. I went back and forth with Experian on this a few years ago when I had 10 hard pulls for loans on my report within 2 days.

rated:
thank you all.

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