Forgotten Your Password?

Need to Register?

Question Icon

How do you shop for mortgage

At what point of home purchase do you mortgage shop and how? I understand that one pre-qualification is typically needed at first, but how do you shop for best mortgage without doing official applications for each lender and paying application fee each time. How can i get that information without officially applying for loan and paying the fee. by jakkkkioo763 from Du Bois, Pennsylvania. May 18th 2017 Reply


Mike and Jill Kohler (LenderMike)
#32 ranked lender in Pennsylvania - 56 contributions

Thanks for the question. The best way to accomplish this is to call a broker who has access to dozens of wholesale lenders who can shop rates, terms and conditions for you. Essentially you will need to fill out an application however it will be only once no matter what lender the broker places the loan with. Here is a link to an application if you wish to pursue this. https://blink.mortgage/app/signup/p/netequityfinancial/jillkohleror if you just want a quote and prequalificatonhttp://netequityloanscomex.clixonit.com/?xrefresh=1Mike KohlerNet Equity Financialwww.netequityloans.com215-741-3131

May 18th 2017
2
0
Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 41 contributions

You can ask for a quote. We don't send the loan estimate until application is taken but the fee worksheet should give you enough information to make a decision. The title company is selected by you if you want and the taxes are based on the property so you just need to see what credits you are receiving. You don't need to fill out an application until you are comfortable. According to Bankrate, we are always priced in the top 3 lenders when listed. Please contact Brian at 412-370-9405 or brian@lendfm.com.

May 18th 2017
2
0
Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

First off...regulations are clear...you do not have to provide documents to be pre-qualified.In contacting a licensed mortgage broker in the State you wish to purchase a home, you can find out what you qualify for currently and they will have many options at their disposal for first time buyers and experienced home buyers. In speaking on the phone you can find out how comfortable you are with a particular mortgage broker. You can gather information at first without necessarily having your credit report pulled. When you are ready to get pre-qualified and have your credit report pulled, even if you choose someone that seems fine to you at first...you always have the option to choose another lender you compared before you find a home. Please note though...if you want three legitimate good faith estimates to compare it would help the brokers to pull credit. All three major credit bureaus have agreed, in the interest of shopping for a mortgage loan, to allow multiple pulls of your credit in a two week period without affecting your credit score.

May 18th 2017
1
0
Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

I would add to my comment that no mortgage broker/banker should be charging you upfront for a credit report or an application fee. Some banks do charge an application fee but let them know you only want to see what they can do for you minus any fees up front.

May 18th 2017
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

There are many ways, but it will be pain full, since each one will want to run your credit and gather all your supporting documentation first,,, in addition to that, some will charge you upfront for the credit report.. so, rather than shopping for a mortgage.. try shopping for a mortgage loan officer.. ask them about their process.. are they a broker or are they a mortgage bank,,, is the underwriting done "In House".. how often do they close late, etc.. once you find a loan officer you are comfortable with, then you just trust them that they will always have YOUR best interest in mind when selecting a loan product for you. Keep in mind that without having side by side loan estimates, it's impossible to select the "Lowest Priced" loan.. but the lowest priced loan is not always the best loan.. I have a borrower who wanted to use Wells Fargo.. but their process takes 90 days to close.. the buyer could not find a seller willing to wait 3 months to close.. he ended up going with me at 0.125% higher rate, but we closed in 30 days.. Again, it's the loan officer that you need to shop for. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 18th 2017
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

A few tips from a 25-year experienced Loan Officer. First, only deal with a local company. There is nothing on the internet you can't get from the guy down the street. Avoid the big internet lenders like the flu. Also stay away from the big banks. Focus on a local non-bank lender. From there, work with a loan officer with at least 10-years experience. Following these tips, there is no need to shop around, you'll be in good hands with the local expert who will get you a great deal without any hassle.

May 19th 2017
0
0
Subscribe to our news feed.