- I thought getting pre-qualified for a mortgage would be simple. But, finding a lender that would give me a number without adding a hard inquiry to my credit report was complicated.
- Many banks tend to use the terms “pre-qualify” and “pre-approve” interchangeably, even though they’re different things. I found some pre-qualification applications were more like a pre-approval, and asked permission to run a hard credit inquiry at the end.
- Finally, I found that Credit Karma was able to give me a clear pre-qualification easily, for free, without putting a hard inquiry on my credit report.
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I’ve been saving for a down payment on a home and for a while now. I’m still months, or even a year, away from buying, but I’m starting to get serious about budgeting more, saving more, and making this dream a reality.
Since I won’t be able to buy in my current city, Seattle, I’ve set my sights on my hometown of Cincinnati, Ohio. I’m visiting this December, and starting to get serious about the process. A week before my trip to Ohio, I realized that I should have a number in mind to start budgeting more precisely, zeroing in how much I need for a down payment, and start visiting neighborhoods I’d like to live in while I’m in town.
I wanted to get a number, but I didn’t want any new credit inquiries showing up on my credit report. By definition, getting pre-qualified for a mortgage would be ideal — pre-qualification checks your…