I am pre approved already for an RD loan. I wanted to do some shopping around without having everyone run my credit. Is there someone that can help me do this? I live in Washtenaw county, Michigan
Luis, here are a couple things to keep in mind. All mortgage inquiries within a 14 day span will be counted only as one inquiry so it won't negatively affect your score to shop around. However, it does not make a lot of sense to shop around until you have a property in mind and know all of the important numbers in the transaction. Your closing costs are derived of pre-paid items and mortgage costs. Pre-paid items include establishing an escrow account, purchasing a years worth of homeowners insurance, and reimbursing the seller for any pre-paid property taxes in the form of tax prorations. Mortgage costs include underwriting fees, title company fees, your appraisal, your credit report, and a few other small fees. Due to the mortgage meltdown, these mortgage costs are quite similar across the board as we are very restricted in what you as a borrower can be charged. Until you know the specific numbers any quote you get will be pretty much worthless. Also, remember that you are not shopping for a set of tires and every borrowers situation is different. I find that it's best to work with someone that you know like and trust. Lastly, if you are going to shop one lender against the other, don't share one lenders quote with another because you are giving the competing broker a road map on how to give you a slightly better deal than the previous broker. The reason I say this is that any idiot can give you a slightly better deal on paper to get your business but that person might very well be an idiot and screw things up for you. I hope this helps and we'd be happy to discuss your situation and attempt to earn your business. Trust your gut!
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