Q&A: How does applying for a Home Loan Affect your credit score?

Question by Ana H: 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.

Best answer:

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

Add your own answer in the comments!

Tags: , , , , ,

Category : Blog

5 Comments → “Q&A: How does applying for a Home Loan Affect your credit score?”

  1. David Z

    Mar 21, 2013

    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.

  2. Little Red Ridding Hood

    Mar 21, 2013

    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.


    Mar 21, 2013


    B.Shimon Loans And Mortgage International is offering loans to individual and corporate bodies for as low as 2% interest rate, with loan terms determinant. Loan amount is between the sums of $ 5,000.00 USD to $ 500,000 USD.

    Our company specializes in financing small to large businesses. And we can get you approved for funding within 48 hours if your application is considered. Therefore, whatever you need the money for, whether it is repairs, opening a new location or whatever, we can get you approved for funding in just a matter of a few days.

    We Offer the Following Kinds of Loans:

    * Personal Loans
    * Business Loans
    * Refinance
    * Home Improvement
    * Auto Loans
    * Debt Consolidation
    * Line of Credit
    * Second Mortgage
    * Investment Loan
    * International Loans.

    You can apply for a loan by replying this mail and request for more information via: ukloans@rocketmail.com .You will be glad you did.

    This loan offer is sponsored by B.Shimon Group.

    NOTE: We do not demand transfer fees for loans, as approved applications will be transferred after terms are agreed. Your credit score does not matter, provided you have a source of steady income.


  4. Beverly S

    Mar 21, 2013

    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!

  5. Free Cruise Mortgage Specialist

    Mar 21, 2013

    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

Send to Friend

Email Agent

SEO Powered By SEOPressor