I somewhat agree with Gerard, however it also depends on your credit scores, keep in mind every time a lender checks your credit it can affect the scores. If you have good scores, then there isn't anything to worry about, however, if your scores are on the lower side, then you might want to consult with them before you let them check your credit.
You are right about shopping around some. Ask the lender for a good faith estimate or all of their fees in writing. The loans that are offered are actually different too. You should look at a bank, a mortgage company, and a credit union
Atlantic Bay Mortgage Group llc
Your buyer's agent would be the best resource you have in pointing you in the right direction for good loan options.
Owner of Group 15 Real Estate
If you have any questions or want me to refer you to some lenders let me know.
All the best-
Christina Heyman GRI
Realtor/Broker NC SC
Allison & Associates Realty, LLC.
It's always good to shop the market with loans. The types of products a bank will offer may differ from what your credit union may offer. This is because credit unions aren't governed under the same regulations and their products may be more advantageous or not. To make it easy on yourself, just take the good faith estimate the first lender gave you and bring it to the next one so that they can do a quick estimate for you.
Mike Moulton, Broker in Charge
Bee Home Solutions, Inc.
That being said, you only need the pre-approval letter to submit with an offer. If you later on find a lender who has better rates, you certainly could put your loan with that lender as long as you qualify for the loan being offered.
Today, I received a rate sheet from Trustmor Mortgage. I don't know if they are in NC, but the 30yr fixed rate was 3.75% with .75 point. That is fantastic!
If you find a home that is a Fannie Mae or Freddie Mac foreclosure, you could receive other benefits, like some closing paid for by the seller.
Best of luck,
There is no reason not to give your Credit Union a try.
Competition is good. If they both know you have applied with a competitior - you are more likely to get the best - most aggressively priced loan.
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