Deciding between Chase and Prime

[Sk323i]

I understand that going with a big lender like chase might allow for some lower fees where as a small lender like Prime would include higher fees.

Is it a bad idea to apply for Chase today and then apply at Prime on Friday?

My goal is to weigh the loans against each other assuming I get accepted for both.

I previously had charged off debt with Chase. I settled about 3 years ago and have not received a credit offer from them since.

My score is 650.

Is it wrong to assume that because they haven't offered me credit it is likely they won't approve my Home Loan?

[Anonymous]

Remember each time you apply for credit it hits your credit report once you get 2 or 3 inquires it will start to lower your score they stay on your credit report for two years 

[Anonymous]

Chase is really strict about past debt issues with them and not issuing new credit. You can speak to a banker before you apply so you don't waste a credit hit.

[StartingOver10]

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@Anonymous wrote:
Chase is really strict about past debt issues with them and not issuing new credit. You can speak to a banker before you apply so you don't waste a credit hit.

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^^^Agree. Plus Chase is not lower in fees usually and their guidelines for mortgages are very, very tight.  I had a listing that sold at the beginning of this year. The buyer made an offer using a Chase pre-approval. The buyer was putting down 30% on the house so the mortgage was very, very low ($315k purchase).  Chase had pre-approved the buyer but at the end of the processing time one week before closing - Chase turned him down for DTI reasons.  He was able to get a mortgage with another lender (Finance of America). I am telling you this because it is typical for the big box LO to not know their own guidelines at all. Specifically for Chase and Wells Fargo it is hit or miss - and from my experience, it is more miss than hit on decent LOs at big box banks. 

I strongly suggest going with a non-bank mortgage lender that originates, underwrites and funds their own loans for the best mortgage rates and costs.  Stay far away from the big box banks. PrimeLending is a non-bank mortgage lender. Same with Guaranteed Rate or Finance of America. Do your homework. 

[Revelate]

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@Anonymous wrote:

Remember each time you apply for credit it hits your credit report once you get 2 or 3 inquires it will start to lower your score they stay on your credit report for two years 

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Mortgage inquiries this close together are deduped.

Also inquiries are only counted for a year anyway, regardless of the fact they stay on one's report for 2 years.

Should always shop around when it comes to getting a mortgage: if you rack up one or three thousand mortgage inquiries within a two week time period it won't count more than once on any FICO algorithm in the last two decades; newer ones extend it to 45 days even.

[Anonymous]

They are "deduped" as far as points but you will still have the additional inquiries which for us the credit company ended up pulling 3 within a 30 day period. It has its own effect for "too many recent inquires".

[DallasLoanGuy]

chase vs prime lending?

prime... hands down.

i worked there. good outfit.