 | When you apply for a home loan does it effect your credit? |
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Question: When you apply for a home loan does it effect your credit?We will be out of debt this month, but i have found out recently that paying off your debt wont really change your credit until you start to rebuild, so i want to go ahead and start to see what kind of home loans/ VA loan i can be approved for. However, i want to know if applying and being denied or applying too many times will effect my credit. This will be our first home so I want to look around to get the best offer, but i dont want that to look bad on my credit. My husband is military so VA loan is a possability too. Please let me know if you have any info. Additional DetailsCan you get a quote on an interest rate without it effecting your credit so you know what to expect before you actualy apply for a loan? Like doing the qoutes online through certian compainies, will that effect my credit? Does pre-qualifying effect you credit?My husband is on active duty in Arizona right now, but were from Mississippi so were living out here but were going back to Mississippi at the end of the year, we have no home there so we have reseach everything out here before we go home, thats were some of the problems start. how do you get pre-qualified from across the country?
Answer: -Well, first of all, go to a Mortgage Company and get pre-qualified.They will look over all your expenses (bills) and assets (income) and see if you can even buy a house. They will also determine how much house you can buy. No sense falling in Love with a 150,000.00 house if you only qualify for a 80,000.00 house.Then go from there. OH, also if the first Mortgage Company denies you, try another one. I had this experience and almost quit looking; then I tried another company and they qualified me and also financed me. -Each time somebody accesses your credit history your credit score goes down, so its better to shop around for the best interest rate first then apply to your first choice and if necessary your second but keep the amount of inquirers down -It is very hard to apply for a home loan if you have no credit score as they run a credit check. I know from experience now because I am working for a mortgage company and have recently worked with a couple who had credit problems and they cleared the problems up only to discover that in doing so they wiped their history out. VA is probably the best way to go as they require very little if nothing down and they don't go so in depth I believe. My ex and I got our first loan that way and we had a credit score not so great but managed to get our first house that way. Wish I knew what state you were in I might be able to help as the company I work for deals with people that are hard to mortgage.
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