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How many quotes should I get when shopping for a home loan?

Is it okay to get them from lenders that are not local? Should I go with brokers, banks, or combo of both?
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August 31 2009 - Hayward
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Answers (6)

Jeffrey says:
 "I suggest large national banks rather than brokers since they are closely regulated."

Ok Jeffrey, you have made 2 posts now and niether is correct. You are completely off base and giving misinformation. Brokers have FAR MORE regulation than federally chartered banks who do not have to adhere to the same,often much stricter local and state laws. 

You are also digging up old posts and you couple that with adding misinformation and you will get torched here. Fact check before posting please!
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September 07 2009
Hi There;

Do not apply for several loans only to get a quote. If you do this it may require credit score inquires.

Once you know your score, you can then tell the potential lender and they should offer you a quote.

I suggest large national banks rather than brokers since they are closely regulated.

Regards,

Jeff
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September 07 2009
Anyone that chooses a broker or bank because of a rate deserves what they get. Rates change. No one entity is always the cheapest. 

Good brokers and banks won't change and the service they provide will be of real value to you. .... Interview brokers and banks on how well they will serve you and how you locked rate is determined. ..... Best wishes, Rudi 
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September 01 2009
Get as many quotes as you feel is neccessary to make your decision.  I would recommend taking Eric's advice a step further and get all your quotes within the same hour if possible as multiple price changes can occur on any given day.  Good luck!
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August 31 2009
You should always get at least 2 quotes from two different lenders.  But at the end of the day, you are looking for 2, very important aspects of the transaction.  Do you like the rate you're being offered and are you comfortable with the person/company proving you with the information?  Finding the cheapest quote isn't always the best option, often you will run into delays or failed promises, etc.  Your goal should be to get a good rate combined with great service. 

It is best to work with someone you feel comfortable with and have a lock-in rate in mind.  Meaning, if you've already decided the rate you want (if it's realistic) and if someone offers you that rate, you go for it. 

There is no write or wrong answer on the number of quotes, just when you feel like it's right.  Just don't get so caught up in finding the lowest rate you run your lender against the wall in regard to time-frame with loan processing. 

The post below offers good advise as well, I didn't reiterate, but he is correct about price changes.  If possible, get all your quotes in the same day so you can compare fairly. 

Best of luck.

Eric
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August 31 2009
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A lot depends on the kind of financing you are looking for. If it's an uncomplicated deal and all your quotes are clustering within a quarter point or so, you have probably figured out the market after half a dozen, maybe less. A more complicated situation may take more data to feel comfortable.

One thing to consider is when you get the quotes. It's 12:12 PM as I write this, and I am on my third price of the day. If you find that all of a sudden you are getting better deals, it's probably because the market has improved, not because you have found a better group of lenders.

I would certainly look at both brokers and lenders. If the deal is straightforward, a well rated non-local lender can be fine. If it's a purchase or a complicated deal, I would be more inclined to work locally.
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August 31 2009
 
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