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Trulia Dallas, Home Buyer in Dallas, TX

When is it best to mortgage shop than stick with your bank?

Asked by Trulia Dallas, Dallas, TX Mon Apr 8, 2013

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8
1.) You have refinanced in the last 3 years and rates have fallen on a 10/15/ 30 year loan by at least
0.5%

2. You dont find any perceived value by Banking with your present bank and maintaining your
present relationship.

Many benefits can be subtle, where Banks can forgive a lost or late payment,

Client Managers help pay bills when Customers are off on Vacation, or Just Busy at work.

Good luck.

Perry
0 votes Thank Flag Link Sat Jun 15, 2013
If you have good credit scores and history, some shopping is a good idea. But fair warning: "banks" are notoriously slow. So, find a lender (not necessarily a bank) and get pre-qualified, maybe even pre-approved.

If you have poor credit scores, shopping could lower your score further.

But it is important for all borrowers not to open OR close accounts. Closing an account will remove the history from consideration (unless it's derogatory). So, if you have paid on your credit card on time for 5 years and now just before getting a mortgage you pay it off and close it, you actually lowered your score, maybe significantly. You can pay an account down, but don't close it.

Opening a new account is also bad. It takes several months for an account to get a history of on-time payments. When it's brand new, the lack of history will lower your score. You can open a new account after you have closed and funded. Don't make the mistake of buying furniture with a new store account the day before closing, only to find your lender refuses to close - you won't have a house to put the new furniture in.
0 votes Thank Flag Link Sat Jun 15, 2013
I agree with everyone below and encourage my buyers to shop for their loan, because then they can take that to my In-House Lender who is more interested in the relationship vs. his commission. He wants me to be able to offer my clients something of value and so he guarantees when comparing loans "apples to apples" he will save them money. He has been know to give up the commission to be able to save a client money.

Good luck
0 votes Thank Flag Link Mon Apr 8, 2013
Always shop make sure you are aware of all fee that the lender charges.
0 votes Thank Flag Link Mon Apr 8, 2013
There are many different programs out there that your bank may not be able to provide...I would suggest calling a few different loan providers to find your best rate an option for you. I would suggest Willow Bend Mortgage and Kyle Knippa...he has every option available for anyone's needs....you can find them online.

Also Texas Lending with Tim Zorka is very knowledgeable..... 214 620 8552
0 votes Thank Flag Link Mon Apr 8, 2013
When should you mortgage shop? Every single time.

Beau Beasley
Coldwell Banker
214 966-2100
beau@beaubeasleyhomes.com
0 votes Thank Flag Link Mon Apr 8, 2013
I work with an excellent Mortgage Lender, John Rasor with Homewood Mortgage, he can help you get pre qualified to buy a home.

John Rasor - 972-387-9215 Ext. 110
john@4bestrate.com
Web Reference: http://janabsolom.com
0 votes Thank Flag Link Mon Apr 8, 2013
Always.
Your Realtor will be able to guide you.
0 votes Thank Flag Link Mon Apr 8, 2013
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