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Mortgage rate shopping details

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  • Mortgage rate shopping details

    How many lenders did you compare rates with? Looks like there's around 7-10 on the WCI for my state, some local folks I want to check with and worth getting a quote from Costco and rocket mortgage. Is that too many to apply with all of them, provided it's within 2 weeks of each other?

    How how long do you have between making an offer and needing to lock in financing, to use to shop rates on the back end? I understand you can get a pre-approval from anyone in order to make an offer, and then shop around for best rates later. However, it seems like a fairly tight window. Additionally, it seems like it might be better to put all the applications out there originally so you only get dinged for 1 hard credit pull, instead of just getting a pre-approval letter and sometime in the next three months checking around for a more rates.

  • #2
    I got the best deal with a mortgage broker because they accessed a bulk discount on top of the low rates. If you have decent credit you should be able to just get pre-approved with the lender with the best rate you can find then check later if anything has improved.

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    • #3
      I had good results with Costco and less impressive results with a mortgage broker. Then again, this is an n of 1 and the plural of anecdote is not data.

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      • #4
        I used leverage rx and also emailed about 10-15 from the wci list. I probably overdid it, but am happy with the rate I got.

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        • #5
          Originally posted by EM-CCM MD View Post
          I used leverage rx and also emailed about 10-15 from the wci list. I probably overdid it, but am happy with the rate I got.
          which was?

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          • #6
            Originally posted by Peds View Post

            which was?
            3.275 on a 30y FRM with 15% down (only 5% required). Bank closing costs were just under 1k. Purchased in mid March, locked rate in early February. Used Suntrust - they were good.

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            • #7
              Originally posted by EM-CCM MD View Post

              3.275 on a 30y FRM with 15% down (only 5% required). Bank closing costs were just under 1k. Purchased in mid March, locked rate in early February. Used Suntrust - they were good.
              thanks.

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              • #8
                What is the time frame between placing an offer with your pre-approval letter and committing to a lender? This is, I think, where people talk about shopping rates on the "back end"

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                • #9
                  Originally posted by CFEonline View Post
                  What is the time frame between placing an offer with your pre-approval letter and committing to a lender? This is, I think, where people talk about shopping rates on the "back end"
                  I got a preapproval letter in January when we started shopping. I put in a couple offers that didn’t go through. There was a drop the first week in February so I did a 90 day lock. We subsequently had an offer accepted and I had already locked. It took about 2 weeks to get all the mortgage stuff done, but they said they like 4 to ensure you close on time. I think 30 days is about industry standard.

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                  • #10
                    Where I live you can lock in pre-approved mortgage rates for either 3 months or 4 months depending on the lender, and closing on the house purchase is usually a couple months after signing the contract for the house. Although the ability to move faster can make your offer more attractive to the seller.

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                    • #11
                      At what point are you comitted to a particular lender? Any penalties/fees you can run into?

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