How do I shop around to get the best deal?

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What is the best way to get the best deal to get a loan for buying a house? The think is that if I check with a broker and/or mortgage lender, they all will want to run my credit, get my social security #,etc, etc, correct? Isn’t there an easier way, how can i find out about different deals without having to provide my personal information?

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3 comments to How do I shop around to get the best deal?

  • coraann  says:

    How much would you loan to a stranger that you know nothing about?

  • Bill  says:

    Your information will be needed to see if you qualify for a loan. If you go to a mortgage broker who deals with several lenders they will only have to run your credit once. Without disclosing your personal information you will not get a loan!

  • Bob  says:

    Any loan officer can provide a quote without having to pull a credit report. As long as you provide an accurate credit score, income, debt and down payment information you can get an estimate. The problem with that is that an estimate is just an estimate until you actually lock in a rate, term and program. When you find the home that is right for you and your offer is accepted, the rate and term you lock are the only ones that matter. You can call around for quotes, ask someone you trust to refer you to a good lender but ultimately you’re going to have to trust someone. That includes not only price but also the right program for your situation and the expertise to get it done. I get rates from several lenders at least daily and the lowest is not always the same. They also have differences of several days in the time it will take them to get your application approved and closed. Not every lender offers every available program. Your low rate and fee quote won’t help when you are past your contract date and not yet clear to close.
    Do some research online to find out what terms and programs are available. A lender that doesn’t offer USDA loans probably won’t recommend one so the more informed you become the more qualified you will be to choose the right one. Ask someone you trust for a referral to a good loan officer and don’t be afraid to ask questions.

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