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How Many Different Mortgage Offers Should You Get?
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Basics

You should get at least three to five competing offers.

Here are the things to consider when shopping around:

  • your credit rating
  • speed of closing
  • track record on closing loans

Credit Rating

Your credit rating is something you can learn from your credit report.

You should get a copy of this before you even start the process to make sure there are no errors on it.

If your credit rating is checked too many times this may affect your credit by lowering it.

Some reports indicate that having a few different mortgage lenders check your credit in a short time frame doesn’t affect your credit much. Credit bureaus know you are looking for one mortgage. They may treat this differently than applying for 5 different credit cards, which could result in 5 new credit lines.

See if they can price your loan out with your credit report so it doesn’t have to be rechecked.

Your credit report should be an up tp date reeport, not something from several months ago.

Speed of Closing

If you have to move fast on a property or a refinance you should also check with the lender to see how fast they move to get the loan done.

See if they can make your loan a priority to get done.

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The flip side of this is that you need to be available all of the time during the loan process to answer questions or provide additional documentation. Your daytime work number or cell phone may be critical here.

Track Record on Closing Costs

You should check to see if this lender has a reputation for “bait and switch” tactics. This is offering one estimate of closing costs up front and another, usually higher, set of closing costs when you are actually signing your loan documents.

Some lenders have a reputation for gouging their customers. You should check on the mortgage lender’s reputation on the internet. Often times there may be complaints online from other borrowers who have been mistreated.

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This entry was posted on Saturday, October 14th, 2006 at 10:46 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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