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Old 10-13-2010, 07:56 PM
 
34 posts, read 87,911 times
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Any recommendations on Mortgage lenders? Do they have to pull up your credit each time you are trying to get a rate when shopping around?


Online lenders like amerisave offer very low rates? Is there a catch? Anyone use these type of online lenders?
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Old 10-13-2010, 11:10 PM
 
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Mortgage Lenders will pull up your credit if you want a * firm * rate from them. So when you shop around, you have a short window of 14 days (double check the number of days with somebody else) when multiple pulls on your credit history will NOT impact your credit score.

It is safe to assume that if you give your SSN to a lender, they might pull up your credit. First get your credit score (doesn't cost much) online. Give that to a lender, tell the lender about your income and ask them to give a budgetary rate. Shop around this way without giving your SSN. You will get a good feel of the market.

Once you have finalized your future house (i.e. have a contract), then move fast to negotiate better rates with 2 - 3 mortgage lenders before you zoom in on one lender. At this stage, you will have to share SSN.

There's tons of info on Mortgage Lending process - be sure to read up on that.

If you are a first time buyer - as I was recently - you would prefer to have a human being to talk to face-to-face. I would strongly recommend a local lender you could meet. Larger lenders like Bank of America, Citi, etc might not be very responsive. Online lenders like Amerisave offer great rates - Amerisave has mixed reviews online - there typically is no catch in the rate itself or "hidden fees" or such - but again you are dealing with a faceless person on the phone. Local lenders will often match Amerisave's rate. Your contract with seller will typically give you a very short time to finalize the mortgage - hence responsiveness on part of the Lender is important.

Carol
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Old 10-13-2010, 11:50 PM
 
79 posts, read 168,685 times
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There really is very little difference between an online lender and a local lender. Most of the lenders who originate your loan will sell the servicing shortly after they do so. Servicing of a loan has a very low profit margin, so most companies will not bother.

Some banks/savings and loans/Credit Union will give you great care and great rates and perks but have not found one here in Texas. If want that type of care then feel free to seek them out but if it does not matter find the best rate and lowest closing cost.
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