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we have just signed our contract for our first home and is now in the process of mortgage shopping.
is it possible to apply at more than one place ? for ex: at a bank and with a mortgage broker- and we just go with whoever gives us the best rate?
we will lose out on any application fee (if any) of course.
will that involve multiple credit inquiries and hurt our credit score?
With this being your first home, I am of the opinion you really need to stick with one lender you trust. I have borrowers sweating over the best possible rate, until I put it in dollars and cents. The last calculation someone was agonizing over was $24, which is probably more like $8 after tax dollars, given 99% of it is interest write off (and that was the lock between 2 rates, not two lenders). Granted, ever dollar counts, but I'm more concerned you're going to take your eyes off the ball, in search for the perfect rate, which never exists. And nothing slows down a loan app when a lender finds you you have applications all over town. So what if you had a 3rd lender that's even lower?
And if you are talking about double app'ing because you are worried about a decline, that's a whole 'nuther bunch of nuts.
Whatever you do, don't shop for your loan online. Go with a trusted loan officer who will not only give you a good rate, but service as well. Rates don't matter if you can't get the loan.
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