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how how can you avoid a hard pull on your credit when requesting a quote on a refinance program

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December 12 2012 - Miami Beach
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Any one can promise you anything and it's easier to OVER promise when not reviewing credit.   The fact of the matter is unless you officially apply, the person on the phone can tell you whatever they want to make themselves sound better.   Unless you're getting a GFE, their quote is not binding.  I wouldn't work with anyone that charges an up front fee to get a Good Faith Estimate (GFE). 

Check with a credit counselor on how hard pulls effect your credit rating, but my understanding is that you can have several of the same type of company pull your credit without a negative impact.  PLEASE do not take my word for it.   I AM NOT a credit counselor! 

My 2 Cents: Pick 2 or 3 highly recommended lenders and apply with all three of them if you want to shop rates.   Reputation is everything when it comes to loan professionals.   If a lender can't get your loan closed, it doesn't matter how good of a rate they lock for you. 

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December 13 2012
brokerjoe.... what does your last paragraph have to do with the posters question? You have been on Zillow long enough to know that the purpose of this blog is not to self promote. Your previous 4 paragraphs was more then sufficient........
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December 13 2012
I get wholesale interest rates. These are rates that are not available to the public
==================
Then what's the point of having them?

It cracks me up that that's a selling point. I beat brokers regularly that "have our wholesale prices"; they tell the prospect "there's no way he's beating me, I have his wholesale prices", as if to assume the investor (us) don't hold back some great pricing for ourselves.


personally, pulling credit to issue an estimate (worksheet) is a PIA, I'd rather issue one based on what the prospect tells me for score, LTV, etc; I'll pull credit later if they chose to proceed with me.
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December 13 2012
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"The answer given by "go huskers" is not entirely correct. In order for me to give someone an accurate rate quote, I need to know their credit score as well as the loan to value on the property they are borrowing against. "
----
What part of; "Anyone can quote you an accurate rate if they know the details of your transaction" is incorrect? Last time I checked, the loan to value and credit score are "details of the transaction." 
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December 12 2012
The answer given by "go huskers" is not entirely correct. In order for me to give someone an accurate rate quote, I need to know their credit score as well as the loan to value on the property they are borrowing against. (other factors/info may be needed as well) Several years ago, before the crash, it used to be that as long as you met the minimum credit score requirement, you would qualify for the best rates that respective lender or broker had to offer.

I will also tell you that when a lender or mortgage broker pulls your credit report, it has no effect on credit score *(see below). but do not take my word for it, here is a quote directly from www.myfico.com:

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it
wants the credit reporting agency to use to calculate your FICO score.

So do not be too concerned with credit inquiries when rate shopping, as you can see, they have little or no effect on your credit score. The main reason that people in our industry or auto sales tell you that inquiries will lower your score is to keep you from shopping around!! This lie has been around for a very long time! I encourage people to shop, then they can see how much better rates can be from one company to the next.
But to answer your question, if you have already obtained your credit score from a mortgage lender or broker, you can simply provide your middle credit score to the loan originator to assist in obtaining a
rate quote. I will caution you though, as credit scores can fluctuate on a daily basis, depending on when the creditors update with the credit bureaus; so the quote may not be 100% accurate.

 I will end by saying that I am a licensed mortgage broker business in Florida and have been in the business for 14 years, and as a broker, I get wholesale interest rates. These are rates that are not available to the public. I am also the owner of the company and and have very little overhead, as I do
not use traditional advertising methods. This allows me to pass the savings on to you the borrower. I specialize in refinance loans as well as the HARP refinance program, which allows you to refinance even if you owe more than your home is worth. Good luck in you search for a rate quote!
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December 12 2012
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Don't give them your social security number. Anyone can quote you an accurate rate if they know the details of your transaction. However, don't expect a GFE until they do run your credit. You will most likely get a "fee worksheet" until that point. The worksheet should be accurate from any reliable loan officer. 
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December 12 2012
 
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