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Is having 4 applications with lenders too many?

I want to get the best rate possible and Im shopping around. I just don't want my credit to be hurt in the process. by smithracheal123276 from Brea, California. Apr 30th 2015 Reply


I believe I can offer you the most competitive pricing here's my email if you want to send me an email and I can reply back with some pricing for you. Mborges@vestacapital.usMarty Borges

Apr 30th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

Shopping is fine, but multiple credit inquires will lower your score.. if you deal with a mortgage broker vs. the big bank, you effectively are shopping with multiple lenders with one stop.. As a broker, i have 21 lenders available to me.. yet we only run your credit one time.. Also, sometimes the cheapest loan is not the lowest cost loan.. and then what price to you put on convenience.. dealing with a local lender verses someone online will be very beneficial to you and your closing time frame.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 156 contributions

May I give you a suggestion? Rather than call around for rates, make your calls to determine the integrity of the loan officer, whether they have the knowledge and experience to overcome the hurdles that every loan has, and will they be there to help you through the closing without any additional expenses. Once you have the right lender, you can be sure they will provide you the best deal for your situation. Ron Pippin. Utah's Mortgage Expert.

May 1st 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,454 contributions

Yes... Shopping around a bit is fine, but 4 full applications with 4 different lenders is not really needed. Contrary to popular belief, shopping for "best rate" and "lowest closing costs" is really more of a myth. You see, all lenders underwriting to the same guidelines, have the same third party fees, and get the money from the same bond market on the same day. For the exact same closing costs, the TRUE real difference with ALL LENDERS anywhere in the country is maybe just .125%. I suggest stop shopping interest rate and start shopping for a good loan officer. That is WAY more important.

May 4th 2015
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