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Ask Shop Rate: John - Texas

Posted by  on Apr 16, 2009
 
How can I get a rate quote...without pulling my credit? Seems everyone wants to do an inquiry. Well John that is a tough one. The reason the mortgage companies want your information is that they want your business. They are accustomed to people calling up and asking for quotes and doing one of two things. Either the consumer calls up wanting a quote and hangs up shortly after getting the information they are seeking never to call again, or the lender is used to consumers calling up saying my credit score is one thing, getting the rate and wanting to lock in, when it turns out that their credit score is quite a bit lower or their credit is light. In the end, can you blame them for wanting your information?

Tell them you’d like a quote that you will not hold them to if your score is below 685, but that you will hold them to if it is. If you keep trying- you’ll get your quote. Or better yet, go to one of the credit reporting agencies and pull your own credit, keep a copy and provide it to any of the mortgage lenders with whom you might be working. That way the credit report is only pulled once and you will not penalized for multiple credit report pulls which often happens.


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