WARNING: It is not recommended to have more than one lender pull your credit history. In fact, if you know your 3 current credit scores, you should be able to get a rate quote (sometimes called a Good Faith Estimate GFE) from any lender. In order to get an accurate GFE, here are the items you will need to request:
* $150,000 conventional loan
* 5% or more down
* 30 yr fixed
* 30 day lock
* 1% origination fee with NO Points
* disclose any processing, administrative or junk fees
The 3 most important things to remember when shopping for a mortgage loan are:
1) Interest rate
3) Customer service (very important)
This basic outline can be modified, depending on your particular needs.
Don't be fooled by lenders who "play with the numbers" by underestimating property taxes, insurance, or any other 3rd party expenses in order to make their monthly combined payment appear lower than the competitor.
A "true" buyers agent will shop for a competitive mortgage loan for their clients. At The Buyer's Agent, we work with all the local lenders, especially those lenders who offer the lowest interest rates with the lowest fees.
It's important that you contact our office before you begin the mortgage shopping process, because many borrowers don't have the expertise at comparing GFE's (good faith estimates) like we do. Our loyalty is to our clients - not any particular lender. In fact, several local lenders don't encourage their borrowers to use The Buyer's Agent because they don't want us to shop your loan with the competition. That's why it's important to have us shop lenders on your behalf.
Remember: If you're approved for a conventional or government loan with one lender, you are basically approved with all the other lenders. They all have to follow the same Fannie Mae or Freddie Mac guidelines.
Many times we can help our buyers save thousands of dollars on their mortgage loan just by using our knowledge and experience!