How do you shop around for a mortgage? We don't want pulls on our credit...

Asked by Carissa, Brooklyn, OH Tue Apr 15, 2008

We have an approval for a mortgage on a place we are heading into contract for. The rate is higer than what I am seeing is available- it's 7%. The problem is, we are told by our bank rep not to do ANYthing on our credit, no new carsd, no purchases etc. In order to shop around for a rate, we would need to have our credit pulled, so how do you suggest we deal with that?

This is new construction and only 3 banks that the real estate agent knows of are willing to fund this- I have a quote from one big bank and want to check out the other two-

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3
, ,
Tue Jun 19, 2012
Hello Carissa,

I'd love to sit down and chat with you and your husband to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
http://www.phsloans.com
0 votes
Carissa, Home Buyer, Brooklyn, OH
Tue Apr 15, 2008
wow, thanks Jesse. That's too good to be true as we felt so tied by the idea that "this is your rate and you can't have your credit affected" ! Thank you as always for your help.
0 votes
Jesse C. Tur…, , 94939
Tue Apr 15, 2008
Carissa,

Your lender is correct, you don't want to add any additional debt or change any of your financial circumstances while you are waiting. As far as your credit being pulled is concerned, if you have any new mortgage inquiries within 30 days of each other, your score won't be affected. Alternatively you can try submitting your scenario on Zillow.com in their mortgage section. Your credit isn't pulled and your information remains anonymous allowing you to choose a proposal/lender at your leisure.
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