If I Shop Around For A Better Mortgage Rate Will It Affect My Credit Score?
By Karen Butler, Eglin AFB/ Fort Walton Beach /Destin Relocation
(RE/MAX Coastal Properties)
Actually there was a time when shopping around did affect your scores severely when you shopped different lenders and online lending institutions as well. Numerous inquiries gave the appearance that you were trying to open new lines of credit, which impaired your ability to buy a home. So does that mean you are stuck with the first interest rate you are quoted? Most people don't realize that everytime a bank runs your social security number to check to see if you are "credit worthy" there is a ding to your credit. Ever been car shopping? How about that big ticket item 65" television? Or, hey if you open an account with us today you can save 20% on your purchase? And then you say lets see if we qualify for a house ... sound familiar? I had clients who shopped around for about 3 mo...
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