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Answers (5)
- Moe Ghazi, "Moe Ghazi"
- Contributions:1
It's perfectly fine that you are shopping around for the best deal and there are no red flags that you should be concerned with. Just make sure you don't run your credit over and over.
- Wes Black
- Contributions:509
I believe it is prudent to have two estimates from lenders. You, as a buyer, need to know that you have gotten the best deal.
- Gary Boyer, "Southland_Properties"
- Contributions:54
Make sure the first lender you choose will give you a copy of your credit report. Then have any subsequent lender qualify you based on that report. You will hear lenders telling you that they are not allowed to give you a copy of your credit report or that your credit report is the property of the lender so they won't give it to you. You will then hear new lenders tell you they can't qualify you using the other credit report and thet they have to run a new one. All of that is not true. I own a mortgaage company and we would do both for you. Most honorable companies will, so when they tell you any of the above and most ccompanies will, just thank them for their time and move on. Most banks and larger lenders will give you the above excuses. There are plenty of choices. If consumers would demand from lenders what we demand from any other business we deal with, the lending mess would be cleaned up overnight.
- Sheree Landerman, "The Buyers Rep"
- Contributions:11
It is in your best interest to do as much upfront preparation for a mortgage approval prior to the time you need to pull the trigger. There is much more to the mortgage industry than just simply the best rate. Ultimately you need to get the mortgage approved so you can move into the home of your choice. A good lender will help you sort through your complete financial picture, credit scores, debt ratios and find the program type that has the best features ( term, rate, points, etc). As an Exclusive Buyer Agent, all my clients are typically obtaining mortgages. In my opinion, I favor a local, direct lender so that underwriting is done in-house ( final decision within that institution) and appraisers are likely familiar with the immediate area. Timeframe should be tighter to get a final approval.If the lender you are currently working with is responsive and if their rate is competitive ( if you were locking today), what makes you think that down the road, they would not be as competitive as today? Make sure when you get information and competing numbers that you are comparing apples to apples-- get a GFE (good faith estimate) so you can really compare numbers. You certainly can shop around, but now is the time to do it. There may be a good reason your agent referred you to the lender they did ( assuming it is not a lender owned by the Real Estate Company). Ask your agent why they have that lender on their list?? Good luck with your move.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
It's in your best interest to check out 2 or 3 lenders, to find the best deal.
Is it ok to negotiate with two lenders at the same time?
The lender asked us for several docs (bank statements, tax docs, paystubs, etc) and ran our credit (fortunately, it's A+) to come up with some monthly payment estimates based on how much we may be able to sell our house for, how much we're willing to pay for the new house, closing costs, property taxes, etc.
Anyway, because we're still in the process of selling our home and finding a new home, it's impossible for him to give us final numbers or lock in a 30-year fixed interest rate.
My question is, as soon as we find a new home and have a buyer for our current home (we'll only move out with contingency), is it OK to contact another lender for competing numbers? My real estate agent and his lender wouldn't know we'd be doing this. One concern is that the second lender would have to run our credit as well to give us his numbers.
Is this something I should do? Any red flags or things I should be concerned with? Again, I'd just contact the second lender once we have a buyer for our home and we're ready to buy our new hone, so we'd have exact numbers to give to this second lender.
Thank you for your assistance.
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