Get Mortgage Pre-Approval Without Hard Inquiry

Are you in the market for a new home and looking to get pre-approved for a mortgage? Worried that a hard credit inquiry may affect your credit score? You don’t have to worry anymore. You can get a mortgage pre-approval without having to undergo a hard inquiry.

What is a Hard Inquiry?

A hard inquiry occurs when a lender requests your credit report to assess your creditworthiness for a loan. The hard inquiry is then reported to the credit bureaus and can impact your credit score. These inquiries can lower your credit score by a few points and stay on your credit report for up to two years.

What is Mortgage Pre-Approval?

Mortgage pre-approval is the process in which a lender assesses your financial information and determines if you are eligible for a mortgage loan. During this process, the lender will likely pull a copy of your credit report. This is known as a “hard inquiry” and can have a negative impact on your credit score.

How Can You Get Mortgage Pre-Approval Without a Hard Inquiry?

Fortunately, there are ways to get a mortgage pre-approval without having to undergo a hard inquiry. One way is to get a soft credit inquiry. This type of inquiry does not appear on your credit report and does not affect your credit score.

You can also get a mortgage pre-approval without a hard inquiry by discussing your situation with a mortgage broker or lender. They may be able to provide a pre-approval based on your income and other financial information without having to pull your credit report.

Conclusion

Getting a mortgage pre-approval doesn’t have to involve a hard inquiry and the risk of lowering your credit score. You can get pre-approved without a hard inquiry by utilizing a soft credit inquiry or discussing your situation with a mortgage broker or lender. With the right strategy, you can secure a mortgage pre-approval without having to worry about your credit score.