How does applying for a Home Loan Affect your credit score?

I want to apply for Home Loan and see how much we qualify for. My question is that if we do not like the number and want to wait how will it affect our credit score if we decide to wait and save for a bigger down payment. I want to avail the $8000.00 tax credit. Does anybody know if it is an ongoing thing or it is only for the year 2009.

By | 2013-08-24T11:23:01+00:00 August 24th, 2013|Mortgages Home Loans Interest Rate|6 Comments

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6 Comments

  1. Free Cruise Mortgage Specialist August 24, 2013 at 1:50 PM - Reply

    If the loan takes to long the Lender starts pulling your credit periodically. To many pulls can be bad for your credit. Try to get paper work to your loan officer as quick as possible. Having good credit and a large down payment helps the loan go faster also. Also there is paper you sign in the application that allows the lender to pull your credit periodically. Ive heard about people refusing to sign. Im not sure if you could still get the loan if you did this. But you might try and see what happens.

    Mark Shidler
    Free Cruise Mortgage Specialist
    I give away 2 free cruises with every homeloan
    http://www.2freecruisetickets.com

  2. Beverly S August 24, 2013 at 1:49 PM - Reply

    Call several lenders and ask about rates- don’t let all of them pull your credit. Choose the one with the best deal & apply- it does not do damage unless you have multiple inquiries. Now IS the time to buy! Rates are the best in 50 years. Tax credit so far is only for 2009- may be extended. Good luck!

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  4. Little Red Ridding Hood August 24, 2013 at 12:14 PM - Reply

    As long as the housing market is in the toilet and the federal govt is involved. There should be a leeway or buffer for you yet. The decision to wait is entirely up to you and the faith it takes for the housing market to stay down in five months time, or a year. Start looking for a more agreeable housing area within your work area, that has more options. There are Bank owned properties that the Banks want to get rid of at practically insane low cost to those interested in buying now.
    Start looking for foreclosed properties, this will save you having to wait until your down payment reaches it’s maximum.

  5. David Z August 24, 2013 at 11:56 AM - Reply

    no not unless you apply for a home loan at several places. if too many lenders are pulling credit in a short period of time it can have an impact upon score.

    But one or 2 every quarter is no big deal.

    $8,000 tax credit right now is only good for purchased up thru 11/30/2009. There is no law yet that extends it past that.

  6. golferwhoworks August 24, 2013 at 11:51 AM - Reply

    there is just 2 points for the credit pull that is all.

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