Applying for mortgage, two mortgage lenders competing to get better interest rate and decision to put husband or wife’s name on title

fisher33 · 01-06-2009, 01:15 PM

my husband and i filled out an application for a loan. we're still waiting word but do i go ahead and have another mortgage lender complete another application so that the two can compete? so far one is offering 5.125, then the other said she could do 5.0. today the other one said he would go 4.875, so i am curious as to if we could get lower. i know that 3 inquiries by mortgage lenders is the max or it dings your credit. should i also get a 3rd opinion?

my second question is what does it mean to have only one person's name on the note? my name would be on the mortgage and the title. my husband's credit score is higher and can get us a better rate, but we're also about to buy a dental office so should he have our house in his name since he will be self-employed and own the business? does this matter if we were to ever be sued? hopefully we won't ever have to worry about that, but you gotta be sure these days!

does the company matter as long as they give you the best rate and have nice service? one is prudential and one is wells fargo. does anyone know if i should or shouldn't go with either one of these companies for any reason?

thank you everyone.

renriq02 · 01-06-2009, 06:53 PM

you can apply to as many lenders as you like within a 30day period and it will only count as 1 credit pull

IT HAS TO BE DONE within 30days of the first pull

BTW rates dropped today so it's not like one can do this, and the next day someone is better.

Rates go up/down for every lender so it's when you want to lock that you need to ask everyone what their rates are.

SmartMoney · 01-06-2009, 08:41 PM

I can't tell by your post if you are locked in or not. All of those quotes are real close and probably closer if you obtained the rates on different days, there would be probably none to little difference.

Your other questions are best answered by an attorney. You have already been advised correctly, if your name is on the loan, the lower of the two scores will be used. Even if I were 100% certain of the liability issues, I know the dangers of attempting the answers. Fifty states = 50 answers.

There is also more to consider than just rate and points. Lender fees also come into play for the better deal and the length of the lock. Who can deliver the loan without the lock expiring, with the least amount of blood, sweat and tears.

fisher33 · 01-06-2009, 09:20 PM

Quote:

Originally Posted by renriq02

you can apply to as many lenders as you like within a 30day period and it will only count as 1 credit pull

IT HAS TO BE DONE within 30days of the first pull

BTW rates dropped today so it's not like one can do this, and the next day someone is better.

Rates go up/down for every lender so it's when you want to lock that you need to ask everyone what their rates are.

oh that's good to know! thank you! that makes me feel a lot better. and thanks for the info about locking in a rate.

fisher33 · 01-06-2009, 09:24 PM

Quote:

Originally Posted by SmartMoney

I can't tell by your post if you are locked in or not. All of those quotes are real close and probably closer if you obtained the rates on different days, there would be probably none to little difference.

Your other questions are best answered by an attorney. You have already been advised correctly, if your name is on the loan, the lower of the two scores will be used. Even if I were 100% certain of the liability issues, I know the dangers of attempting the answers. Fifty states = 50 answers.

There is also more to consider than just rate and points. Lender fees also come into play for the better deal and the length of the lock. Who can deliver the loan without the lock expiring, with the least amount of blood, sweat and tears.

thanks for replying. we aren't locked in yet. the 5.00 and 4.875 were both today, so i thought they were competing. that's good to know that they pretty much go by the set rate that day only. i've definitely been comparing lender fees and length of lock and all the other million fees that go into a mortgage as well!

i talked to my husband tonight and he said that w/ us being an s corporation, we should be ok. we'll still ask our attorney as well just to be sure. is it a fairly common thing though? for only one person to be on the note?

thanks again!