 TITLE: Does Mortgage Prequalification Affect Your Credit Score? CONTENT: A mortgage prequalification can be a good initial step when you're looking to buy a home. The process varies by lender, but you should expect to be asked for some basic information about your financial situation. For example, a lender might want to know about your income, your monthly bills, how much you've saved for a down payment and how much you want to borrow.\nSome lenders may also assess your credit with a soft inquiry—a type of credit check that doesn't impact credit scores—or ask for your estimated credit score range. You can get a free FICO® Score☉ 8 from Experian to use as an approximation, although mortgage lenders tend to use older FICO® Score models.\nUnderstanding your finances and credit helps a lender determine the loan amount you can afford to pay back and the risk you present as a borrower. Based on the information they see, the lender can prequalify you for different types of mortgages and an estimated loan amount. You may also receive a prequalification letter, which you can share with home sellers and real estate agents to show that you'll likely be able to buy a home. END