Here is a method that is helping borrowers shop for a mortgage

As many are aware, multiple inquiries in a short period of time can affect credit scores. Yet without shopping around how can you be sure you are getting accurate information and at a fair cost structure?

Each lender / broker requires a credit report in order to accurately quote a rate. The key is to have a RECENT copy of all 3 reports before you start shopping. By obtaining the report yourself through the various online sources available there will be 3 benefits:

1) Does not count as an inquiry. Anytime you request a copy of your own report it does not count against your score.

2) This is the best tool you have for setting your loan file up to win. By obtaining an advance copy of the report you know not only what your score is but you will find out what, if anything, needs to be addressed, what your consumer balances are (which can be paid down for a quick rescore) etc.

3) You can forward your copy to the proposed lender / broker and have him provide you a rate quote without running a new report. They will not be able to submit a loan file with your credit report but can at least provide you their quote. That will enable you to shop for the right broker before they run your credit. Many will say they can’t give you a quote unless they run it themselves. If that is the case, go elsewhere. Once you have chosen someone you are comfortable with they will need to run a report to submit to the lender.

In closing I would like to remind readers that while shopping around can find you the right broker, each broker has a multitude?of ways to price a loan file. So, shopping for best price is not necessarily going to get you the right guy. In fact, people who shop price in their initial conversations will usually be attracted to the inexperienced, desperate loan officer who is willing to say “yes” to anything to get the deal. There is a right time and a wrong time to shop price and your initial shopping should be for evaluating intellect and service. Your up front knowledge and awareness of your qualifying status will gain the pricing breaks later when you are making the actual loan choice.

Your being prepared will be a real treat to a qualified loan officer. The right?loan officer?will be willing to review multiple options with you and let you choose what is best for you. Don’t ever be rail roaded into a loan choice just because something changes at the last minute. Walk away if you are not comfortable. A skilled loan officer can take a complete file and get it done within a week…so not much time is lost walking away from the wrong deal.

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