HELOC Shopping - Credit Impact

[Marco Aceves]

What I mean by the title:

When shopping around for a mortgage , there’s that 14 day window where you can apply as much and as many places as you want with only 1 hit to credit score. Is this the same for HELOCS or does each inquiry regardless of time frame dings your credit score?

thanks! I hope My question makes sense.

[Jason Wray]

Marco, the window is actually open within a 45 day period so long as you close on a mortgage.  if you do not close it will impact your score just like any multiple inquiry pull would.  There is also a hidden red flag that  a lot of lenders/banks do not shre is that underwriters will question and possibly red flag a file with excessive credit pulls from multpiple lenders.  They see it in some cases as a risk as to why did so many lenders pull and not close.

A HELOC is not a mortgage it is an "open end" liability like a credit card. These are reviwed differently and can be more of a hit to credit.