Jeremy, that's just not true about having multiple inquires about your mortgage qualifications adversely affecting the applicant's credit score. A consumer may shop for a mortgage, car, or, whatever and no one is going to lower the score. And if a computer program lowers the score the underwriter will adjust it back up. It is when they shop for multiple goods like a car AND a house AND open several credit cards that the underwriters look unfavorablely upon the many "different" inquires. I have had mortgage reps tell that to clients and scare them into being "loyal" to that one and only mortgage rep. And if it were true.a client can get the credit score on their own at one of the many FREE internet services, or, in NJ from the credit service companies themselves twice a year. With that knowledge, they can verbally tell the mortgage rep the information and get a handle on the rate they qualify for and the cost to proceed with an application.

DIna,

As a realtor and loan originator I suggest you first start by knowing your qualifications. Knowing your qualifications will make you a better informed consumer. The suggestions to shop is good however you should proceed with caution. Having multiple lenders/brokers make inquiries on your report will adversely affect your credit. In addition to the fact that I have personally seen lenders make numerous inquiries on a report in a short period of time. So obtain a copy of your 3-1 report by joining a credit monitoring program. The cost averages about $10 bucks a month and on many you can try for free 30 days. Once you know your scores you can ask for a good faith estimate based on your scores income and debt. There are many online sources that publish the national mortgage rates daily. Whether you are qualifying for FHA or Conventional makes a difference. Conventional rates largely depend on your score. Well here's some things to consider. There are necessary things needed to process a loan. Appraisal, tax and flood cert. Many times consumers get hosed with processing, committment and application fees. While allowable many of these fees are just bank profit. Some say they will waive those fees but then give you a higher rate than what you qualify for. If you will like to know more of the ends and outs call me anytime direct. The information is free and I'd be happy to assist.

Best Regards,

Jeremy S. Hill, Mortgage Consultant
Aurora Financial Group, Inc
609-876-5817

Dina,

Rate change on a daily basis and therefore are very difficult to keep track of. Our recommendation is to be in touch with a couple of loan agents and ask them to keep you posted on the rate changes.

Mortgage rates are hard to compare. One company will offer you one rate and then charge you an application fee that does not include other hidden charges like survey, appraisal, credit check, employment verification, etc.. Another company states a rate and it includes some but not all other charges. You can't just ask the representative - you must get it in writing before you hand over any money.

I personally like Bank of America but, I would be remiss if I did not include this web site:

http://tinyurl.com/d9f53


Good Luck!

Dina: They all do, unfortunately, all at different times and for different people! There is a plethora of different "products" available. Just like the auto dealers, mortgage banks have ebbs and flows of demand and individual circumstances. They change to meet those circumstances. Right now, some banks are teetering, others, those that have been more conservative, may be in much better position to offer any mortgages at all.

The answer, therefore, is that mortgages, just like any other thing you buy, require shopping around and, just like when you see a great dress at Macy's but decide you can't afford it, next week it might be on deep discount.

My advice, and I must say that it is that of a Realtor, not a mortgage broker, is to shop until you find a deal that you think is good. Since the actual sale of a property usually takes place after you done your initial mortgage search and come at a specific time, you may have to buy the “dress” before the sale, as in the case where you’ve got a big event to attend. Don’t worry about what may be in the offing long after the process finishes, do the best you can and realize that the home will provide much more comfort than it cost.

Best of Luck!

Hi Dina, Jeannie Feenick back again - this is definitely an area in which it makes sense to shop. As you compare, be sure you are comparing apples to apples, so that the benefit of a low rate is not negated by closing costs and points that catch you by surprise and increase your overall costs. Build a spreadsheet, and begin the process of evaluating your options.

I have a resource I can put you in touch with at Weichert Financial - in addition to Weichert's own money, WF has access to many, many programs and will target programs that are most advantageous for your situation. Let me know if you'd like to include them among those you target.

Also, ask your agent this question as well. He/she may have good suggestions for you.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com