Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

15
Posts
12
Votes
Koshu Takatsuji
12
Votes |
15
Posts

Newbie question about getting a loan

Koshu Takatsuji
Posted

Hi all, 

I'm currently looking to get a conventional loan to buy a SFR, but it's my first time doing this so there were a couple of questions I had.

1. If I fill out too many loan applications (to shop around) and they pull my credit, doesn't my credit score drop significantly?

2. If i get pre-approved, do I get to lock in my rates, or am I not able to lock in my rates until I make an offer on a property? 

2b. If i do get to lock in my rates, what if i end up choosing a property after the lock-in period? Do I have to submit another loan application for another pre-approval?

3. If I am getting a loan with my spouse, whose credit score is used? Is it the better one? The worse one? An average?

Loading replies...