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How much should we shop around?

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Anonymous
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How much should we shop around?

My husband and I are just starting the pre-approval process. We chose one particular mortgage broker and filled out an application, we're waiting to hear back. Now that we've started (because he did pull our CRs) i feel this urgency to shop for loans during this 14 day window - so it only shows as one inquiry.

 

What is recommended? Should we have several brokers & lenders doing this all at the same time? Or wait until this broker finishes paperwork and gives us an idea of where we stand?

 

Also, kind of late to be asking but how do mortgage brokers get paid? He never mentioned money and i'm very scattered these days!

 

Thanks Smiley Happy

Message 1 of 3
2 REPLIES 2
DallasLoanGuy
Super Contributor

Re: How much should we shop around?

let broker know you are shopping... it is only polite.

 

you should have a gfe by now. bring it here and we can tell you if you should shop more.

 

confucius says: "He who seeks the lowest rate/fees find neither"

 

broker will get a portion of the fees and any rebate made on the rate they sell you, after closing.

 

there is NO reason to pay anything in advance except appraisal.

 

Retired Lender
Message 2 of 3
Anonymous
Not applicable

Re: How much should we shop around?

Thanks Dallas! I really appreciate the response, i have an anxious nature so it soothes me greatly Smiley Happy

 

I also didn't realize it would be polite to tell them where shopping around, thanks for that tip. Should i be direct? I insinuated prior to filling out the application by saying "I'd like to know when you pull our CRs so i can make use of the 14 day window of inquires to find an acceptable loan if we choose to do so."

 

Do you think that was direct enough? I don't want to come across as callous or make him feel like we don't have any intention of working with him because he's been very kind so far.

 

Another question... you said we should have a GFE by now, but we don't. We applied last night and he said it takes about a day to complete an "OptOut" process, and they will have our credit report tomorrow. Is this unusually long?

 

Thank you!

Message 3 of 3
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