## Does a Mortgage Prequalification Hurt Your Credit?
**No, getting prequalified for a mortgage does not hurt your credit.**
When you get prequalified, the lender will make a soft inquiry on your credit report. This type of inquiry does not affect your credit score. A hard inquiry, on the other hand, can lower your score by a few points.
**However, it is important to note that if you submit multiple mortgage applications within a short period of time, each application will trigger a hard inquiry.** This can negatively impact your credit score.
Therefore, it is best to get prequalified for a mortgage only once you are seriously considering buying a home.
### What is mortgage prequalification?
Mortgage prequalification is the process of getting an estimate of how much you can borrow for a mortgage. It is not a guarantee of approval, but it can give you a good idea of what you can afford.
To get prequalified, you will need to provide the lender with some basic information, such as your income, debts, and assets. The lender will then use this information to estimate how much you can borrow.
Mortgage prequalification is a good way to get a head start on the homebuying process. It can help you narrow down your search for a home and give you a better understanding of what you can afford.
### How to get prequalified for a mortgage
Getting prequalified for a mortgage is a simple process. You can do it online, over the phone, or in person at a bank or credit union.
To get prequalified, you will need to provide the lender with the following information:
* Your name and contact information
* Your Social Security number
* Your date of birth
* Your income
* Your debts
* Your assets
The lender will then use this information to estimate how much you can borrow.
Once you are prequalified, the lender will give you a prequalification letter. This letter will state the estimated amount you can borrow and the interest rate you may qualify for.
### Benefits of getting prequalified for a mortgage
There are several benefits to getting prequalified for a mortgage. These benefits include:
* **You will get a better understanding of what you can afford.** Prequalification can help you narrow down your search for a home and give you a better idea of what you can afford.
* **You will be more competitive in the homebuying process.** When you are prequalified, you will be able to make a stronger offer on a home. This is because the seller will know that you have already been approved for a mortgage.
* **You will save time.** Prequalification can help you save time by narrowing down your search for a home and making the application process smoother.
### Conclusion
Getting prequalified for a mortgage does not hurt your credit. It is a simple process that can help you get a better understanding of what you can afford and make the homebuying process smoother.