shopping for home loan

[Mitra Afsharkhah]

Hi everyone,

I am looking for my first investment property in NJ. Every agent recommends different lenders. I know I must shop around for the best one. However, I wonder how badly it affects my credit every time they check my credit score.

I appreciate any suggestions/recommendations.

Thank you 

Mitra

[Dennis Muno]

Quote from @Mitra Afsharkhah:

Hi everyone,

I am looking for my first investment property in NJ. Every agent recommends different lenders. I know I must shop around for the best one. However, I wonder how badly it affects my credit every time they check my credit score.

I appreciate any suggestions/recommendations.

Thank you 

Mitra

 Hello Mitrra,

So for credit pulls usually within a 30 day period multiple pulls should not affect you. You also mentioned  shopping around for the best rate. Yes, that is the way to go. See if lenders can do soft pulls instead of hard pulls just for the purpose of determining credit.If you choose to proceed with a lender  however they will need to do a hard pull.

Regarding shopping for a good rate: Brilliant! I recommend you engage a local mortgage broker for you. They usually are partnered up with multiple banks and lenders and should be able to pull credit once and use that information to shop multiple banks/lenders for you and provide you with some options out of many banks and lenders. I hope this helps.