Profile picture for PCruise

Does my CS lower (due to credit check), if I requests various GFE from lender.

  • July 07 2010 - Springfield
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Answers (8)

Profile picture for vak555
Andrew, Rudy,

Thanks for replies, so a hard inquiry for GFE.

I would agree here with Andrew - assuming the inquiries are coded correctly as mortgage inqs, as long as they are done within several days ( I think either 2 weeks or a 30 days), the impact to the CS would be minimized.

When I am ready to refi, I will request 3-4 GFE from the esteemed Zillow lenders on the same day...and will proceed swiftly from then on.

Thanks,

VK

  • July 08 2010
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I need to pull a new credit, since pulling credit multiple times does not negatively impact your credit score I do not see the harm in requesting a few GFE's from a few lenders.
  • July 07 2010
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To  prepare a GFE now, the loan officer has to stand behind his numbers. They need to pull a credit report for the file. I wouldn't use a credit report that a borrower furnished, primarily because it's not a valid document for the loan file. My company name isn't on it as the requester. .... Happy funding, Rudi
  • July 07 2010
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Profile picture for vak555
Do you, Rudy & Andrew, as lenders/brokers have to pull CS in order to prepare GFE?  

Can I get a GFE by sending you my own copies of MyFico TU and EQ scores?

thanks,

VK



  • July 07 2010
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Rudi,

I don't disagree that you have to consider more than just rate and fees in deciding what lender to choose, but since GFE's need to be honored I see nothing wrong with a borower requesting that info from a handful of lenders.  Anything less than a GFE is not binding so what good is it?
  • July 07 2010
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It's not the brightest thing to do, getting several GFEs. Go to your bank or another local bank and get ONE. Now, shop around with that in hand.
 
Of course, this only shows who may be the less expensive upfront. not who may save you much more in the end, or if the loan will fund or not. Experience matters. You are not buying a toaster on sale. You'll live with this for some time .... Happy funding, Rudi
  • July 07 2010
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No, your credit score does not lower due to various requests.  However, Lenders use different companies and may use slightly different scoring models.  So, if some companies are getting slightly different CS numbers it is not uncommon.   
  • July 07 2010
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No.
As long as the credit check is done for the same reason (mortgage) and within the same time frame (30 days).
  • July 07 2010
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