Dip

frank3030

So I have dip and they have credit search me will they do more credit searches when I complete the full application I guess the dip is just a soft search. I found a property I like and I am going to put in an offer in. If they accept my offer then on to full application fingers crossed.

kingstreet

It depends on the lender.

If you've had a full search already, you are still within the allowed period and the amount is within what you were originally quoted, no new search may be needed.

If only a soft search was done, I would view the agreement as debatable and a full search will be carried out at full application.

frank3030

How do you know if they have done a full search or soft will it show on your credit file?.

kingstreet

Yes. Although the visibility to other searching lenders is different.

A full search will show the lender's name and a note, something like "First Mortgage."