Posted on May 06
Answer:
The ‘normal’ process for a Pre-Qualification would involve the originator completing an application, pulling your credit, and reviewing your income & assets. A next step would include running your application through and electronic Underwriting process.
If you have a typical situation, the process is the same for a single person mortgage broker to the largest bank.
The impact on credit scores is more complicated, but, if you’re going to buy a home, your credit will need to be pulled, which will impact your score. If you decide to shop around, make sure all lenders pull the reports as close as possible to one another