Your friends are right! I think itâ€™s always a good idea to shop mortgages. However, to determine if you are getting the best deal, you want to make sure to compare apples to apples. For example-One lender may offer a better rate, but they may charge higher in closing costs. If you decide to shop around, you don't want to wait too long in between. You want to call the lenders with in a closer time frame. Thatâ€™s because each time a lender pulls your credit it may have an effect on you credit score, but as a general rule, if there are multiple views on your credit report from lenders with in a shorter time, they know you are shopping.
I hope this helps.
Angel Head, Coldwell Banker Residential