Won't That Credit Pull Affect My Score?
As agents get a lot of kickback from buyers who say “we’ll - won’t that credit pull affect my credit score?” Typically, all pulls within a 45 day period from any mortgage lender will count as just one credit pull. And frankly, if you truely are going to pull the trigger on a house, why wouldn’t you want the peace of mind you’re loan approved?? Besides that knowledge, what would happen if you were in the same position as the couple this Saturday. Do you suppose a seller would prefer an offer from a buyer who has a loan in place, or you, with a 3 week financing contingency? I guess you could offer more money to try and make your offer more attractive then the guy with his loan in place, but that seems silly when you could have just walked in loan approved. And ya know, the number of cash buyers in the market has risen dramatically. Do you really want to risk going up against one with just a pre-qualification or pre-approval. So what’s the bottom Line? Don’t be afraid to get loan approved before you house shop. Your offer will stand out, it may help you save some money and you’ll gain a lot of confidence as you venture out into the market. Reach out to me when you’re ready, I’m happy to share with you all I’ve learned over the last 30 years working with buyers and sellers here in the DFW market.