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Thread: Buying a home

  1. Senior Member
    popsmoke's Avatar
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    #1

    Buying a home

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    I applied through USAA a few months ago, and they stated we needed 10 more points to qualify. DH is back from deployment, and we just received our letter of guarantee from the VA, meaning (I think) we now can move forward to the next step which is securing a loan. We were told by a friend of DH's to "shop around" as different banks offer different interest rates. He also stated that when the banks see multiple credit report inquirees on your report, they count it as "1" because they know you're shopping around. We have since received information from different sources that this is incorect. Please advise what our next step is as far as securing a loan without damaging our credit report further-as we were only off 10 pts and have since brought it up.

    Thank you for any info-
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    gunsgirl's Avatar
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    #2
    your best bet is to choose 2-3 financial institutions to get quotes from-
    with VA there will not be a very big difference-

    when we were looking to buy this home I went to lending tree.com and got all thier quotes, then went to USAA and NFCU- NFCU was the same as lending tree but had the best loan features.

    each check counts as 1- so keep it as low as possible.
  3. Regular Member
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    #3
    Rate shopping shouldn't impact your credit score. Here's some information on credit inquiries from the FICO website.
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.

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