I know that you shop around to see who will give you the best interest rate etc but how is this done? Over the phone or do i go to all these banks, brokers etc and hash out the numbers? Do they all need to run my credit? I heard that its not good to have your credit checked too often. Also, how soon after having a bid accepted do i go get a mortgage? Do i sign the contract first. I don't know anything!
Please help
dkwife
Posted:
Member since
Re: question about mortgage...i'm clueless... help!
I think the best bet is to call one or 2 banks (I don't personally like brokers) and see what products they offer. Certain banks specialize and have a wider range depending on your needs. You can find out what the 30 year fixed mortgage rate is and see who will give you the best deal (i.e. points, closing costs, etc.) You can do it on the phone, you don't have to go place to place... i would get referalls if you know anyone else who has gotten a mortgage recently. Before you even put a bid on a house, I would get pre-qualified so that you can present that with your offer (sellers will almost always need that). After you have an accepted offer, you will get contracts from the lawyer... you will need a commitment letter from your bank approximately 45 days after. Hope this helps. yes, they will need to run your credit, but not until you decide who you will be going with.
