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I would TOTALLY disagree with your comments on Mortgage Brokers.
Just ask for a good faith estimate. They are REQUIRED BY LAW to be very close to that good faith estimate.
THUS, shop around get at least 3 good faith estimates. Make brokers fight for your business.
The big, big problem with that is that every time one of them pulls your credit report, your credit score drops. You are just hurting yourself doing that.
The big, big problem with that is that every time one of them pulls your credit report, your credit score drops. You are just hurting yourself doing that.
Once again I believe that is bad information. To my knowledge the credit bureaus treat multiple mortgage loan requests in a 30 days period as just one request.
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Just ask for a good faith estimate. They are REQUIRED BY LAW to be very close to that good faith estimate
Indeed they are required and everyone should take these estimates and make sure they understand exactly why each line of charges is on there. Anyone who does this will find that mortgage brokers make their money by tacking on 1 point for themselves. This is why you are better off by doing it yourself.
Indeed they are required and everyone should take these estimates and make sure they understand exactly why each line of charges is on there. Anyone who does this will find that mortgage brokers make their money by tacking on 1 point for themselves. This is why you are better off by doing it yourself.
This is why you are better off by doing it yourself
Once again I believe that is bad information. To my knowledge the credit bureaus treat multiple mortgage loan requests in a 30 days period as just one request.
as a former mortgage underwriter (11 years), that is not a true statement.
do it yourself? Find a lender that is compatible with what you want/need BEFORE you submit an application. Be honest with them, give them a ballpark of your credit score and see what they offer. When you find one that suits you...put in the application and go forward.
OK, maybe a little work involved...but, you will save $$$$$$$$.
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