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  • Writer's pictureMark Taylor

Soft Inquiry Mortgage Planning

Mark Taylor, Senior Licensed Loan Officer, NMLS: 1504731

Buying a home is one of the most significant financial decisions you'll ever make, and securing a mortgage is a crucial part of that process. When applying for a mortgage, most lenders will check your credit score to assess your creditworthiness. This credit check can be either a soft credit inquiry or a hard credit pull, and understanding the difference between the two can impact your credit score.

Soft inquiries are often used for long term planning purposes. This type of inquiry can be used to assess your eligibility for a mortgage without any impact on your credit score while also providing valuable information to help you plan for a mortgage.

On the other hand, a hard credit pull can negatively impact your credit score. Hard inquiries are initiated by a lender when you formally apply for a loan or a credit card. Hard credit inquiries indicate to credit bureaus that you are seeking new credit and this should only be done if you plan on purchasing a home within a few months. The more hard inquiries you have over a two year period, the more negatively your credit score will be impacted.

It is also important to note that when a hard inquiry is completed, unless you are properly prepared, you will receive many phone calls and messages from lenders that you did not solicit. This is because the credit bureaus are allowed to use your information and sell it to other creditors. It is highly recommended to register with and to prevent unwanted solicitations, at least five days in advance of applying for a mortgage.

Ultimately, a hard credit inquiry will be necessary at some point. However, by using a soft credit inquiry, the information will help you plan and prepare for the mortgage application process, ensuring that you have the best chance of securing a mortgage with favorable rates and terms. It's important to work with a reputable lender who can guide you through the process and help you make the most of your soft credit inquiry.

Mark Taylor | NMLS # 1504731 | AL: 67777, AZ: 0939604, CA: CA-DBO1504731, CO: 100520451, FL: LO35912, GA: 51692, ID: MLO-21237, IL: 031.0043598, KS: LO.0039017, KY: MC394725, LA:, MO: 18752-MLO, MT: 1504731, NE:, NV: 59226, NJ:, NM:, NC: I-170118, OR:, PA: 66651, RI:, SC: MLO-1504731, TN: 125173, TX:, VA: MLO-29826VA, WA: MLO-1504731, WV: LO-36484, WI: 1504731, WY: 6646

For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. UMortgage LLC D/B/A UMortgage NMLS #1457759 Equal Housing Opportunity, 2022 All Rights Reserved.


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