Mortgage Rate Comparisons
I’m shopping for a mortgage!! I want to use lending tree or one of the online comparison sites …?
This is my 1st time buying a house. I want to make an informed decision, and obviously I want a great rate! How can I do this without affecting/lowering my FICO score because of all of the companies checking my credit? I have excellent credit, but I don’t want to just accept the 1st mortgage offer from my local bank. I know there are lower rates out there, but I’m afraid to use the online sites. Do they work well? Is it something you recommend? So far, I’m not impressed with the mortgage rates I’m being quoted. I’ve checked with 2 local banks. I want a fixed rate (terrified of ARMS because of all of the foreclosures I’m hearing about…) so if you have a recommendation, please let me know. Are there any rates under 6% these days for a 30-year fixed? If so, where do I find them?
Please don’t use one of those online sites. There are so many lenders taking advantage of people right now that it’s scary. You will get a better deal going through a mortgage broker directly anyway. They have many different lenders that they work with to get you the best rate possible. Just make sure you don’t have your credit pulled more than 3 times, otherwise it will start harming your credit. The good thing about mortgage brokers is that when they put your application up for ‘bid’ so to speak, all the lenders competing for your loan do not each pull your credit. So try to get some recommendations for a mortgage broker in your area.