Won’t having so many mortgage lenders consider my application damage my credit rating?
No—that’s one of the benefits of working with us! It’s important to understand that there are two types of credit report checks—one, known as a hard check, impacts your credit score while the other, a soft check, has no effect.
Hard checks are the kind done by prospective lenders. Typically, when a hard check is done it negatively impacts your credit rating by lowering your credit score. Imagine the impact that applying individually to a bunch of lenders could have on your rating!
All other credit inquiries are known as soft checks. These are the kind done by individuals who want to see what’s on their credit reports. They are also done by businesses that you already have credit with (such as a bank) or ones that are looking to offer you goods and services (such as insurance). Mortgage brokers fall into the soft check category and that means that using our services won’t damage your credit rating.
*Services provided by Mortgages For Healthcare Workers are typically free but it’s important to note that very occasionally our services are fee-based. For example, fees may be incurred for an applicant with significant financial challenges that impact lending. We believe in transparency and, if for whatever reason, we can’t provide our services for free we will outline this to you ahead of time and before any work is done.