Home Buying in Irvine>Question Details

Asxoxo, Home Buyer in Irvine, CA

Could I get lots quote fr. different lender to see who would lend me more $. Will it hurt my credit to have many lender pull my credit?

Asked by Asxoxo, Irvine, CA Sun Feb 21, 2010

I want to qualify more for a house. I got 1 quote from a mortgage banker company says I qualify $450 for a house and $420 for a condo on a loan approval letter. My credit score is 775 and I have no debt. 1st question: How does it affect my credit report if too many lender pull it to give me a loan amt quote? 2nd question: What if they know about each other? 3rd question: Could they give me an approval letter with a loan amt then later say I qualify for less? I will pick whose ever give me the highest loan amt and/or the lowest interest rate. Last I don't want to hurt my current mortgage banker person feeling if I find someone qualify or give me good interest rate than him.

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Hi,

When you are applying for a mortgage, do not do anything strange with your credit. Any activity can lower your credit score. Do not buy new things, or run credit excessively. The best way to compare programs is to get a copy of your report, you can do this from one lender, or even for free through the credit bureaus....then use this report to shop with. Lenders can use your scores and other information to compare against the guidelines for different loans and rates.

I would caution you against just going to direct lenders. They are big institutions which will put you into a system and are often taking a very long time to fund/close. Mortgage brokers have access to the direct lender programs as well as all the other lenders out there....they can keep tabs on the progression of your loan and change direction if you run into a hiccup.

I do have a lender that I work with and love....if you need a referral, just shoot me an email and I can give you her name and phone number.

Karen
1 vote Thank Flag Link Tue Feb 23, 2010
This is a really great question Asxoxo. Approaching a mortgage banker is a better decision than just going to Bofa or wells fargo. I'll tell you why, mortgage bankers have a 360 degree viewpoint on the market and bofa or wells only have a few that you will qualify for hence only a less than 5% on the market viewpoint. Going to bofa or wells is not in your best interest. I like my clients to have at least 2000 loan programs to choose from not just a few. More is more and less means it can cost you thousands in the short term or long term. To answer your question be chosy on you execution of running credit. Whats nice about the law know is that the lender who gives you the good faith estimate is liable for those numbers for a matter of months. So its in your best interest to stick with more options. I wish you the best of luck in your search!! Chad Pape-Meritage Realty, Inc. 949.394.8971
0 votes Thank Flag Link Sun Feb 21, 2010
To a point, getting your credit pulled many times CAN hurt your credit. My lender would know the exact answer, an approx. answer for now is you can have your credit pulled multiple times within a 7-14 day period, if you get your credit pulled (also known as an "inquiry") today, and then again next week and then again in 2wks and then again in 4 days. This can ding your credit as much as 3pts-9 points or more.

Instead of calling every single bank out there, give my lender a call, she's been a mortgage lender for 30yrs and can shop ALL of the banks & their Wholesale NOT Retail rates and together you can see which bank will loan you the most for the lowest possible rate.

When you call BofA or Wells Fargo direct, you get their retail rates.

I can also help you find a great deal in Irvine once you have your perfect loan.

Lender is: Arlene Spellman with Stratis Financial, you can email her at ASpellman@StratisFinancial.com or call her at 562-552-1191

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sun Feb 21, 2010
Hi.....

I recommend that you get prequalified by Bank of America....

Bank of America holds most US mortgages (they absorbed Countrywide)...with a B of A pre-approval you just might find yourself on the inside track.

For the best B of A Mortgage Pro in OC visit: http://www.ocbankownedexperts.com
and click on financing options.

Any questions? Let me know.

Kurt Steinhebel
Century 21 Award
Orange County CA
714-365-6135
0 votes Thank Flag Link Sun Feb 21, 2010
no impact on your credit by running multiple loan apps or other questions whatsover ...go for it..and good luck...PS Wells Fargo seems to be the strongest lender in CA at the moment.
0 votes Thank Flag Link Sun Feb 21, 2010
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