Russ Glines

I'm a:	Real Estate Professional
Company:	Century Oak Financial Group
Location:	San Jose
Phone:	(408) 268-2399 x201

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Russ Glines's Answers (2)

Does going through the pre-approval process with multiple lenders hurt my credit score?

Asked Mon Jul 21 2008, 16:01 by Jennifer - Outer Sunset - Financing - 13 answers

Russ Glines answered:

Hi Kathy,
I see that you are getting a number of answers on your question. The truth is (according to Fair Issac) it does not hurt your credit to have it pulled by multilple (mortgage) lenders. It does hurt your score if you run multiple requests in search of credit card debt. As most lenders (brokers) have the same programs, I would suggest that fairness alone is the reason why I would request that you limit applying all over town. Calling and asking for their current rate is very fair, but asking each of them to approve you just adds to their overhead and increases their costs. In this credit environment we in the mortgage business are feeling the pinch big time and appreciate not getting our hopes up. Regards, Russ Glines - Thu Aug 7 2008, 20:23

Which lender (whoesaler or not) today is offering the best rates and is reliable?

Asked Fri Jun 20 2008, 11:44 by Ken and Patti… - All locations - Home Buying - 2 answers

Russ Glines answered:

A good question that has a consistently changing answer...But the truth is ..most lenders will be in the market and out of the market over time. Provident Funding, a company that sells through brokers has been a consistent price leader for conforming loans below $417,000, but not all borrowers will meet their high standards. Chase, ING, CITI Bank, Countrywide and many others will have good rates occasionally, and it is wise to use a broker who can move an application between lenders as (a) the market changes and (b) lenders are or are not competitive. Also.. there are lenders that will look competitive on the first look, but will adjust the rate up as they review the borrower's application. The whole market has changed to "risk based pricing" and if a borrower's scenario looks good the lender will have a better rate. - Sat Jun 21 2008, 12:20

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