Initial Prequalification (Soft Pull)
Some lenders start with a soft pull during the initial prequalification stage. This provides an estimate of your borrowing capacity without affecting your credit score. It's a preliminary check to give you a ballpark figure of what you might be able to borrow.
Preapproval (Hard Pull)
The more formal preapproval process typically involves a hard pull. This thorough review of your credit report helps determine your borrowing capacity and interest rates. At 14 Days To Close, we streamline this process to ensure you can proceed quickly and confidently.
During the Home Search
Generally, there are no additional credit checks during the home search. However, if you decide to change lenders or loan types, another hard inquiry might be required. We keep you informed to avoid any unexpected surprises.
Before Closing (Soft Pull)
Lenders often perform a final soft pull just before closing to ensure there have been no significant changes in your financial situation. This check ensures you haven’t taken on new debt or missed payments since the initial approval, without affecting your credit score.
Why It Matters
These credit checks are essential for securing your mortgage and protecting both you and the lender. The hard inquiries confirm your financial stability, while soft pulls provide necessary updates without impacting your credit score.
At 14 Days To Close, we help you manage every step of the process, including credit checks, to ensure a fast and smooth home buying experience. Trust us to guide you through each phase, making your journey from offer to close efficient and hassle-free.