Usually, yes.

To issue a true mortgage preapproval, we almost always need to obtain a hard credit inquiry. A hard pull allows us to access the mortgage credit scores lenders actually use for qualification, verify your liabilities, and ensure we’re giving you accurate advice.

We do have the ability to perform a soft credit pull in certain situations. A soft pull can be helpful if you’re just beginning the process, want to review your credit, or need guidance on improving your scores before applying. However, a soft pull does not provide everything needed for a fully underwritten mortgage preapproval.

Many borrowers worry that a hard inquiry will significantly damage their credit score. In reality, a single mortgage inquiry typically has only a small impact for most borrowers. In addition, credit scoring models are designed to allow consumers to shop for a mortgage. Multiple mortgage inquiries made within a relatively short shopping period are generally treated as a single inquiry rather than multiple separate hits to your score.

If you’re serious about buying a home, a hard credit pull is almost always the right choice because it allows us to identify potential issues early, recommend the best loan program, and issue a preapproval you can confidently submit with an offer.