 TITLE: What Is a Preapproval Letter? CONTENT: Does Mortgage Preapproval Affect Your Credit?\n---------------------------------------------\nA mortgage preapproval results in a hard inquiry on your credit report and can lower your credit score by a few points. This shouldn't deter you from shopping around to secure the best rate, though. The score impact is only temporary, and credit scoring models recognize hard credit pulls that are a result of applying with multiple lenders to secure the best possible rate (also called rate shopping). Mortgage inquiries that occur within a brief time period are consequently combined into one inquiry, which helps to minimize score effects. The FICO® Score☉ models merge inquiries made within a 45-day window, and the VantageScore® model allows you two weeks to get rate shopping done.\nSo, you're free to explore what different lenders can offer you without fear of ruining your credit score. You can also opt for a prequalification instead of a preapproval to get a more basic idea of which lenders might be best. END