Frequent Contributor
Posts: 416
Registered: ‎03-08-2011

How many opinions should we seek on mortgage loans?

I read somewhere (possibly here?) that if you are going to shop lenders for a morgage, to do them in a 2 week period (because it will only show as 1 hit as long as they are all within 30 days.)  Last week we applied through a local bank for a mortgage.  Tomorrow we are meeting with a mortgage lender so he can run our numbers and see what we can qualify for.  I know we should shop around and get two or three different opinions.  Should we also try something like lendingtree?  We could do that tonight, but if it will put another ding on credit scores- we really don't want to do it before tomorrow, if at all.

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010

Re: How many opinions should we seek on mortgage loans?

The inquiries will all appear, they won't count against you as more than 1.  I guess I'm experiencing something unusual because I've had inquiries in 3 or 4 different time periods since November and I haven't gotten a score drop yet. 

Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around

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New Visitor
Posts: 3
Registered: ‎03-13-2011

Re: How many opinions should we seek on mortgage loans?

I would have talked with someone at your local banks first and foremost. They will give you advice on the best mortgage loan resources and most likely offer to find you the lowest interest rate based on your credit information.


This can save you a lot of time based on my experience. But I am no pro :manvery-happy:

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