Your Own Personal Mortgage Shopper
Shopping for a mortgage can hurt your credit score a little, because every lender you apply to pulls your credit. Equifax says similar mortgage inquiries made close together are generally counted as one for scoring, but they all still show on your report. With me, there is one application, one credit pull, and I do the shopping for you.
Does shopping for a mortgage hurt your credit score?
It can, though usually not by much. When a lender reviews your credit for a loan application, that is a hard inquiry, and Equifax Canada says it can stay on your report for up to 36 months. Equifax also says that several inquiries for the same type of loan, such as a mortgage, made within a set window are generally counted as one for scoring. That window runs from 14 to 45 days depending on the scoring model, and every inquiry still appears on your report.
So the damage is often small. The bigger problem is everything it takes to get there: application after application, each with its own paperwork and its own pull.
Why does every lender pull my credit?
Because each lender has to see your file before it will give you a real answer. A rate quoted without looking at your credit, income, down payment and property is only a guess. That is why you cannot just call around and collect numbers that mean anything.
What does a personal mortgage shopper do for me?
I do the shopping. You complete one application with me, and I do one credit pull. From there I take your file to the lenders I work with, around 45 of them and hundreds of products, and bring back the options that fit you, with the real cost of each one laid out side by side.
You are not filling out application after application, and you are not comparing rate sheets at the kitchen table. And if the honest answer is that you should wait or change something first, I will tell you that too.
Is it still worth comparing lenders?
Yes. The difference between a good mortgage and an average one adds up over years, and Equifax itself says the score impact of comparing is often small next to the savings from a better rate. The point is not to stop comparing. It is to have someone do it for you without a trail of applications behind you.
What should I avoid while my mortgage is in progress?
Avoid opening new credit until you have your keys. A new card, a car loan or financing a sofa can change your file between approval and closing. If you are thinking about a purchase, ask me first.
Mortgage shopping and credit FAQ
Does shopping for a mortgage hurt your credit score?
It can, a little. Every lender you apply to pulls your credit, and Equifax says similar mortgage inquiries made within a short window are generally counted as one for scoring, but they still all appear on your report. When I shop for you, there is one application and one pull.
How long does a hard inquiry stay on my credit report?
Equifax Canada says a hard inquiry can stay on your credit report for up to 36 months, though its effect on your score is usually strongest early on.
Does checking my own credit hurt my score?
No. Checking your own report is a soft inquiry and does not affect your score.
Does using a mortgage broker mean fewer credit checks?
Usually yes. I do one credit pull to shop your file to the lenders. The lender you choose may pull again before funding or closing, but that is one lender, not many.
Thinking about a purchase, a refinance or a renewal? I would be glad to take a look.
I look forward to hearing from you in regard to your mortgage needs.
902-465-5533. I answer.
Patrick
p.s. Ready to start? Apply here: https://craigburn-capital.mtg-app.com
p.s. Prefer to talk it through first? Book a time with me here: Schedule a call
p.s. FSRA Principal Broker License #M23006699, Craigburn Capital. NS Brokerage 2026-3000179, NS Broker 2026-3000180.
p.s. Get the Craigburn mortgage app: https://craigburn-capital.mtg-app.com
Patrick Sawler is a mortgage broker and owner of Craigburn Capital, licensed in Nova Scotia and Ontario, with private financing available in New Brunswick and PEI. He answers his phone. Service aussi disponible en français.
Call 902-465-5533 or start your application today.
