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What can I do to get more (or better) quotes for my loan request ZR-GKCSVPX

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  • March 18 2012 - Buckeye
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Answers (3)

Profile picture for Cindy Quinton
FICO scoring allows for consumers to rate shop. That means that in reality, only the first credit inquiry in a rate shopping situation hurts, and any additional pulls in a given amount of time DO NOT hurt your credit.

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

Maybe some lenders will come in and give you more specifics on your request. I believe only those with a LENDER tag can see your specifics (someone please correct me if I am wrong).
  • March 19 2012
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Don't go to several different bankers because they may each pull your credit. You'll benefit more by Christine's suggestion of going to a mortgage broker. That broker can shop more lenders for you and get you the best loan for your personal situation most efficiently.

In some cases, mortgage brokers' fees can be slightly higher but usually insignificant for the convenience and knowing you're getting the best possibility.

Most any realtor will be able to recommend to you their preferred mortgage broker. Be sure the professionals you choose to work with will work well with each other. You are putting together your team. It's a great benefit to know your realtor and lender are working together for you.

Be sure the communication is solid between you, your realtor, and your lender prior to finding a home. It's too late once you're already in negotiations.
  • March 19 2012
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Contact a local mortgage broker.  They work with multiple banks to get you the best loan.  One mortgage broker I use works with 40 different banks.  If you are looking in Indiana or Illinois, I'd be happy to send you his contact information. 

Good Luck,
Christine McDaniel
  • March 18 2012
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