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Old 05-16-2012, 05:15 PM
 
95 posts, read 153,438 times
Reputation: 89

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I'm in the process of purchasing a home soon and just got my first pre-qual letter from my own bank. Not the best rate, based on what I'm seeing on the 'net. I know the pre qual doesn't mean anything, but I've purchased a home through this bank before and their rate wasn't very competitive then either. Nonetheless, it is a good baseline from which to work off of.

I'm thinking of either using a mortgage broker or trying a lender like AIMLOAN.

Just to clarify before I go putting my SSN on a bunch of applications, all the hits that are about to happen soon will be bunched together in the determination of my credit score by FICO, right? I have the time to hit as many lenders as possible, but I want to make sure I don't screw myself over in the process of finding a good rate.

Thanks!
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Old 05-17-2012, 06:51 AM
 
28,455 posts, read 85,088,241 times
Reputation: 18726
For the purposes of "competitive shopping " the various credit bureaus do lump together queries taken in about a two week span as a single "credit event". I think you are fine contacting a mortgage broker and maybe a smaller bank and a credit union. I would recommend against giving any info to those firms that lurk on the interwebs as even the ones with "name brands" tend to be run like boiler rooms and they will hound you with unwanted email and telemarketing...


I agree that "big name banks" have NO incentive to offer competitive rates to the vast majority of borrowers. Even the "elite" that those banks want to pursue as long term customers (folks with family businesses and or high net worth) generally get treated shabbiy UNLESS they go sit down and face-to-face hash out their "total wealth" ....
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Old 05-18-2012, 05:36 AM
 
Location: MID ATLANTIC
8,660 posts, read 22,832,313 times
Reputation: 10485
Buy all means, obtain various quotes. Limit who pulls your credit and NEVER punch in your social into a website unless you know exactly who and how many times your credit will be pulled.
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