Your Credit Score and Mortgage Shopping: Busting the Myth of Multiple Lender Inquiries

Chad Rankin / Aug 15, 2023 / Expert Articles

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You've probably heard the advice: "Don't let multiple lenders pull your credit." But is this really sound advice? Today, we're debunking a myth many prospective homebuyers have fallen victim to. If you're considering buying a home, this information is crucial for you.

Hello, this is Chad Rankin with the Rankin Mortgage team in Worcester, Massachusetts. One of the most common misconceptions I encounter in my profession is the idea that having your credit pulled by more than one lender is a bad idea. However, this couldn't be further from the truth.

The Reality Behind Multiple Credit Checks

Many believe that multiple credit checks within a short span can adversely affect their credit score. But here's the reality: The Consumer Finance Protection Bureau (CFPB) has what's known as the "45-day rule." A simple Google search for "CFPB 45 day rule" will bring up a clear answer: You can shop around with multiple lenders within a 45-day window, and it will only count as one hard inquiry on your credit report.

The root of this misconception often stems from well-intentioned realtors who, wanting to protect their clients, inadvertently spread this myth. Their goal is to shield clients from potential credit dings, but the reality is different. When it comes to your mortgage, you deserve the freedom to shop around.

Why Shopping Around Matters

Mortgage decisions shouldn't be taken lightly. The loan officer and their team's communication, product expertise, and clarity are paramount. You need to be certain that they can tailor their advice and solutions to your specific situation.

"Clarity" is a word I always emphasize to our clients. Sometimes, the present moment might not be the best time to buy for some individuals. Whether it's due to current interest rates, debt-to-income ratio, or credit issues that need addressing, a good mortgage team will guide you on the right path. They will provide clear advice, ensuring you walk away with confidence.

Our Stance on Multiple Credit Checks

At the Rankin Mortgage team, we believe in transparency and trust. Whether we're the first or third lender you consult, our focus remains the same: your best interests. We genuinely encourage you to seek second opinions. At the end of the day, it's about whom you feel most comfortable working with.

Remember, despite common misconceptions, you won't be negatively impacted by having your credit checked by multiple lenders within the 45-day window. In fact, by doing so, you're simply arming yourself with the best information and options available.

In Conclusion

So, next time you hear someone caution against multiple credit pulls, remember the CFPB 45-day rule. Equip yourself with knowledge, and don't hesitate to explore your options.

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Thank you for taking the time to read this. Should you have any questions, the Rankin Mortgage team is always here to help. Knowledge is power, and we're committed to ensuring you're well-informed every step of the way. Until next time, take care!

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Chad Rankin

Hi, I'm a mortgage expert living in Massachusetts. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help? View Profile

Chad Rankin NMLS # 490282 Senior Loan Officer 324 Grove Street Worcester, MA 01605 (508) 928-4141

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About Chad Rankin

Hi, I'm a mortgage expert living in Massachusetts. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help?