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Won't getting multiple mortgage quotes hurt my credit score?

Not if you're reasonable. This is primarily a myth created by lenders who don't want to deal with competitors. Many will tell you this in order to convince you to keep their competitors from being able to provide you with an accurate quote. As a consumer you have the right to seek credit from more than one source, so there is no penalty for seeking competing quotes from multiple providers within reason.

However, if you have twenty different lenders pull your credit it likely will have a negative effect on your credit. A reasonable amount of shopping is expected and allowed without penalty; however, if you're having it pulled dozens of times without result then the credit bureaus will penalize you for excessive credit behavior.

This is the reason that we recommend you select no more than two quote providers for your mortgage needs. This provides the balance you need between too few choices and too many credit pulls.

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Are the initial quotes accurate?

It depends on the accuracy of the information you provided. If you've been completely honest and accurate about your work and credit histories and property value, then you should expect that the mortgage quote you are provided should be very close to what you should expect at the closing table.

On the other hand, if there are unexpected items on your credit report, your property value is different than what you provided or there are other special situations with your mortgage needs; you may find that the initial quote is inaccurate. This is why it's vital to provide accurate contact information. There are almost always one or more items that need clarification or explanation before a truly accurate quote can be prepared by the lender's representative.

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One quote is far better than everyone else's. Are the other lenders trying to rip me off?

It's probably the other way around. As an example, if you are actively working with four different lenders and three are telling you one thing while the fourth is telling you something else: it's probably the fourth one who is not being straight with you.

This isn't always the case, but more often than not the fourth lender in this case is promising far more than they will wind up being able to actually deliver at the closing table. It's an unethical practice, but they know that most people will not walk away from the closing table and start the process over once they've made it that far. Be extremely wary of anyone who is promising you a deal that's too good to be true because the odds are that it is.

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