Are You Serious About Buying? Or Browsing? Preapproval Credit Score MYTH Busting!

Open Houses are a great way to discover the location, neighborhood and life style you prefer before you start your home search. When you are ready to commit to a home search, it is time to assemble the team that will help guide, coach and provide your negotiation strength and power.

I love hosting Open Houses and getting out into the market, assessing the home I’m representing and greeting the visitors who stop by. Every so often someone comes in and falls in love with the property and has not yet assembled their team. It breaks my heart knowing they rarely stand a chance due to those who proactively prepared while homes were in Coming Soon and Off Market status. Homes go under contract quickly with those who prepared and proactive.

The most common objection I hear from First Time Buyers, typically, is that they fear hurting their credit score shopping for a lender and preapproval letters. Today we will MYTH BUST that objection right out of the water. As a researcher and someone who grew up with a father who never listened to us when the word CAN’T entered the conversation. So as my dad would say:



Take a Listen to the Myth Busting Discussion!


Your Team – Agent and Lender | Preapproval and Impact to Your Credit Score

Today we talk about WHY:

  • Your team is important
  • Preapproval is a must
  • Lender shopping and Preapproval checks do not impact your credit score

The market is very competitive and your agent is the key to understanding the market and the comparables in making a fair offer that stays in alignment with your budget and future appreciation. The next team member will be your lender who will assess your financial situation and provide a working budget and provide a preapproval letter.


Preapproval Is a Must as Yoda Coaches

The difference between prequalification and preapproval is quite simply verification of your financial situation. Prequalification carries no weight in a highly competitive market. You also want a lender who can also advise you in making improvement in preparation of winning an offer and preparing for underwriting and loan finalization.

Your agent and lender along with your preapproval will provide you with:

  • A realistic, known buying power range – not just a budgetary upper loan limit
  • Speed to making a strong offer
  • Confidence in negotiation
  • Low risk to close
  • Puts you in the conversation and a competitive offer

Building a solid, local team puts you in the conversation instead of at the bottom of the pile.



Objection Myth Busting – It will hurt my credit score to shop for a lender and apply for preapproval! 

This objection is a complete MYTH! As Socrates says, “You don’t know what you don’t know” until you speak with someone to gain the knowledge. My first question to you would be, “How much shopping and comparing do you do when making everyday purchases?” So why wouldn’t you shop for the best rate and fees for one of the largest purchases you make and may only make every 5 – 10 years?

The credit bureaus EXPECT you to shop and have inquiries from multiple mortgage lenders and expect this occurs in a 45 day window and counts as one inquiry and costs you 5 points.  MYTH BUSTED!


Conclusion and Advice

If you are ready to be a serious home buyer, assemble your team:

  • Your market coach and guide
  • Your financial coach and advisor

Now you will be ready to remove risk, increase speed and negotiate from a position of confidence and strength! Below are links to 4 great articles that support this Myth Busting discussion.


Be sure to check out the Neighborhoods of The Route 7 Corridor  and use the Mortgage Calculator to see what your buying power holds!

I look forward to supporting you soon!


Consumer Financial Protection Bureau:  What Exactly Happens When a Mortgage Lender Checks My Credit?

Transunion:  The Difference Between Hard and Soft Credit Inquires

Realtor Magazine:  Study: Buyers Credit Rebounds Quickly After Home Purchase? 

LendingTree:  Credit Score Study – Buying a Home Will Hurt Your Credit Score, but Data Shows It’ll Rebound Within a Year on Average

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About the Author

Northern Virginia area has always been home for me and has much to offer as your lifestyle requirements move forward. My consultative background for the technology companies in market analysis, go-to-market strategy and leading change is what I bring to my clients when they are searching for home or looking to make a change. No two clients have the same requirements and I am passionate about helping to match clients with my Northern Virginia home and their current lifestyle!   

My mission is to help you with the service, technology, and marketing strategy you should expect and demand from a Realtor. You are embarking on what should be a fun and exciting adventure, let me remove the stress so you can enjoy yourself! Therefore, I am partnered with the best in the industry - Keller Williams Realty. The real estate market is evolving technically which is extremely exciting and I am applying technology and marketing strategy for clients everyday.   

I have watched Northern Virginia grow and evolve, I grew up boating and skiing on the Occoquan, am a Purple Bleeding James Madison University alumni, hometown sports fan, foodie and a fitness fanatic who is here to serve you in making your next move and finding home!   

Now let’s find your home in Northern Virginia!   

Michele Hudnall | @RealEstateOfNVA | [email protected] | 703.867.3436

Check out the monthly Real Estate of NVA Report for in depth analysis of the Northern Virginia market story!