Understanding the Credit Check Process with Homewise: Did you know?
Embarking on the journey to homeownership is exciting but we know it can also feel overwhelming – especially when it comes to understanding how credit checks work throughout the process. At Homewise, we prioritize transparency and work to ensure our approach supports your financial wellbeing every step of the way.
Soft vs Hard Credit Pulls. What’s the difference?
When you begin working with Homewise, we use soft credit pulls during your initial meeting with a Home Purchase Advisor, and throughout coaching. These checks provide us with a general picture of your financial position, including your credit history and score, without impacting your credit. Soft pulls are a great way for us to assess where you stand and help guide you through the necessary steps to strengthen your financial position if needed.
Once you are under contract, we will complete at least one industry-standard hard pull as part of the mortgage approval process. Unlike soft pulls, hard pulls can have a temporary impact on your credit score, as they provide lenders with a full, detailed report of your financial history. This step is necessary to finalize your mortgage terms and ensure you qualify for the best loan options available to you.
The first step in your homeownership journey is to fill out our secure online form.
This form will provide us with the essential financial details needed to prepare for our initial conversation. The more information you can provide, the better we can build a plan that works for you and set you on the path to owning a home with confidence!
This blog is an extension of the Homewise Did You Know? section in the March Newsletter – to accompany our social media strategy on Credit Education. If you would like to receive our Homewise Monthly Newsletter, click here to be added.