Do Mortgage Pre Approvals Hurt Your Credit : Expert Advice




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Do Mortgage Pre-Approvals Hurt Your Credit?

A mortgage pre-approval can be an exciting step in the homebuying process. It provides you with an estimate of how much you can borrow and helps streamline your search for a new home. However, many people worry that getting a mortgage pre-approval might have a negative impact on their credit score. In this article, we’ll explore whether or not mortgage pre-approvals can actually hurt your credit.

Understanding the Basics of Credit Inquiries

Before diving into the impact of mortgage pre-approvals on your credit, it’s important to understand how credit inquiries work. There are two types of credit inquiries: hard inquiries and soft inquiries.

  • Hard inquiries: These occur when a lender or creditor pulls your credit report as a result of a credit application. Hard inquiries can have a temporary negative impact on your credit score.
  • Soft inquiries: These inquiries do not affect your credit score and often occur when you check your own credit report or when a potential employer performs a background check.

Mortgage Pre-Approvals and Credit Inquiries

A mortgage pre-approval typically involves a hard inquiry. When you apply for a pre-approval, the lender will review your credit history and financial information to determine if you meet their criteria for a mortgage. This process requires a thorough assessment of your creditworthiness and usually results in a hard inquiry on your credit report.

While a single hard inquiry may have a minor impact on your credit score, the effect is usually temporary. According to credit reporting agencies, multiple inquiries within a short period of time (typically 14-45 days) for the same purpose, such as shopping for a mortgage, are treated as a single inquiry for credit scoring purposes. This means that mortgage pre-approvals won’t significantly damage your credit as long as you apply for them within a focused period.

The Importance of Shopping Around

It’s worth noting that applying for multiple mortgage pre-approvals within a short timeframe can actually benefit you. By shopping around and comparing offers from different lenders, you can potentially find the best mortgage terms and rates available to you. This can save you thousands of dollars in interest over the life of your loan.

When shopping for a mortgage, it’s important to do your research and choose lenders wisely. Look for lenders who offer pre-approvals with soft credit inquiries or those who only perform a hard inquiry once you’re ready to move forward with a loan application. This way, you can minimize the impact of credit inquiries on your credit score while still getting the information you need to make an informed decision.

Maintaining a Healthy Credit Score

While mortgage pre-approvals may have a slight impact on your credit score, it’s important to remember that your payment history, credit utilization, and overall credit management have a far greater influence on your creditworthiness. Paying your bills on time, keeping your credit card balances low, and avoiding excessive debt are all crucial factors in maintaining a healthy credit score.

Additionally, the impact of credit inquiries will decrease over time. As long as you continue to manage your credit responsibly, any temporary dip in your credit score from mortgage pre-approvals will likely be minimal and short-lived.

Frequently Asked Questions For Do Mortgage Pre Approvals Hurt Your Credit : Expert Advice

Can A Mortgage Pre-approval Hurt Your Credit?

A mortgage pre-approval doesn’t normally hurt your credit, as it’s considered a soft inquiry. However, multiple pre-approvals within a short period can impact your credit score slightly.

How Long Does A Mortgage Pre-approval Last?

Usually, a mortgage pre-approval is valid for about 60-90 days. After that, lenders may need to reassess your financial situation to ensure you still meet the requirements.

Are Mortgage Pre-approvals Guaranteed?

While a mortgage pre-approval provides a good indication of your borrowing capacity, it’s not a guarantee. Actual approval depends on the thorough assessment of your financial details and the property you choose.

Does Getting Pre-approved Affect Getting A Mortgage?

Being pre-approved doesn’t guarantee mortgage approval, but it can increase your chances. Lenders review additional factors like the property appraisal, purchase agreement, and updated financial information.


While mortgage pre-approvals will result in a hard inquiry on your credit report, they generally have a minimal and temporary impact on your credit score. The benefits of getting pre-approved for a mortgage far outweigh any potential negative effects on your credit. By shopping around and being mindful of your credit management, you can make the most of the pre-approval process and find the right mortgage for your needs.

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