Soft Inquiry Mortgage Pre Approval: What It Is and How It Works

Are you considering applying for a mortgage? You may have heard about the concept of a soft inquiry mortgage pre approval, but you’re not quite sure what it is or how it works. If this is the case, you’ve come to the right place! This article will explain the concept of soft inquiry mortgage pre approval, how it works and how you can benefit from it.

What Is Soft Inquiry Mortgage Pre Approval?

Soft inquiry mortgage pre approval refers to a process in which you can check your eligibility to receive a loan without having to submit a full loan application. During the process, a potential lender will review your credit history and other financial information to determine if you qualify for a mortgage. The lender will not conduct a hard credit inquiry, meaning your credit score will not be affected by the process.

How Does Soft Inquiry Mortgage Pre Approval Work?

The soft inquiry mortgage pre approval process involves a few simple steps. First, you will need to provide basic financial information, such as your income, employment history and credit score. This information will be used to determine if you are eligible for a mortgage. If you qualify, the lender will provide you with a pre-approval letter, which will indicate your estimated loan amount and rate.

Benefits of Soft Inquiry Mortgage Pre Approval

The biggest benefit of soft inquiry mortgage pre approval is that your credit score will not be affected. This is because the lender does not conduct a hard credit inquiry. Additionally, the process can help you to save time and money by allowing you to shop around for the best rates without having to submit multiple applications.

Conclusion

Soft inquiry mortgage pre approval is an excellent way to shop around for the best rates without impacting your credit score. The process is simple and can save you time and money. If you are considering applying for a mortgage, it is worth considering soft inquiry mortgage pre approval.