Shopping Mortgages from two sources--- best practices??

[Anonymous]

Hello and apologies in advance if I doulbe post-- my last post on the same topic appears not to have posted properly.

Despite some bumps on my CR, my mid FICO is 675.   My boyfriend and I decided to go ahead and have our CR pulled yesterday by three lenders in order to get some firm estimates of terms.  I understand I only needed to have one lender actually pull the report and could get other estimates based on this, but I wanted opinions to be based on actual eyes on the report, and that the inquiries pulled within either a 14, 30, or 45 day period won't affect the score (depending on which FICO model is used).

So I got two positive, but very different reactions.

1.   Online lender examined reports, took all my vitals (the typical application questions as to employment, assets, etc.), stated an APR,  and then issued a preappvoal letter on the spot for a conventional loan at the amount we need.   The LO asked then for the normal laundry list of documents to proceed to UW, and also that I have two disputes removed from my report on old collections.  I am aware that removing the disputes (albeit small and old) could affect the scores one way or the other.  This lender offered to do a rapid rescore to remove the disputes.   No idea when I'll get a LE after the preapproval letter that came today.

2.   Local mortgage broker has not only our credit reports, but also all the documentation needed and our application.  He took a look at the tri-merge report and said that before he can give us a good idea of rates to compare, we need to get the disputes removed (or the collections deleted) so that the numbers he gives us are accurate.  He offered to do a rapid rescore to help with the dispute removal (I realize I can probably call the bureaus and get the disputes removed myself).  So, he's playing it cautious and not committing to rates, etc. until the affect of removing the disputes is known.  Rapid rescore will let us know that in 5-7 days he says.

So What do I do?  I guess I need to let one of the two do the rapid rescore to remove the disputes, and then get a quote from the second source (the broker).  Also, when can I expect the standard LE from both?  It will be a LOT easier to compare the offered loans if I'm comparing the LE.  Oh, and btw, both know I am seeking competitive quotes from the other.  I haven't committed to either.

HELP! And thank you in advance.

[Anonymous]

Nobody can help? 

[Anonymous]

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@Anonymous wrote:

Hello and apologies in advance if I doulbe post-- my last post on the same topic appears not to have posted properly.

Despite some bumps on my CR, my mid FICO is 675.   My boyfriend and I decided to go ahead and have our CR pulled yesterday by three lenders in order to get some firm estimates of terms.  I understand I only needed to have one lender actually pull the report and could get other estimates based on this, but I wanted opinions to be based on actual eyes on the report, and that the inquiries pulled within either a 14, 30, or 45 day period won't affect the score (depending on which FICO model is used).

So I got two positive, but very different reactions.

1.   Online lender examined reports, took all my vitals (the typical application questions as to employment, assets, etc.), stated an APR,  and then issued a preappvoal letter on the spot for a conventional loan at the amount we need.   The LO asked then for the normal laundry list of documents to proceed to UW, and also that I have two disputes removed from my report on old collections.  I am aware that removing the disputes (albeit small and old) could affect the scores one way or the other.  This lender offered to do a rapid rescore to remove the disputes.   No idea when I'll get a LE after the preapproval letter that came today.

2.   Local mortgage broker has not only our credit reports, but also all the documentation needed and our application.  He took a look at the tri-merge report and said that before he can give us a good idea of rates to compare, we need to get the disputes removed (or the collections deleted) so that the numbers he gives us are accurate.  He offered to do a rapid rescore to help with the dispute removal (I realize I can probably call the bureaus and get the disputes removed myself).  So, he's playing it cautious and not committing to rates, etc. until the affect of removing the disputes is known.  Rapid rescore will let us know that in 5-7 days he says.

So What do I do?  I guess I need to let one of the two do the rapid rescore to remove the disputes, and then get a quote from the second source (the broker).  Also, when can I expect the standard LE from both?  It will be a LOT easier to compare the offered loans if I'm comparing the LE.  Oh, and btw, both know I am seeking competitive quotes from the other.  I haven't committed to either.

HELP! And thank you in advance.

---

Disputes while applying for mortgages are a big no-no. You gotta get the situated one way or the other. You are supposed to get an LE within 3 business days

[Anonymous]

I am just working things like you are, so I'm not an expert on mortgages.  But I am happy to throw in my .02.  

It sounds like it may just be 2 different approches to selling mortgages, or maybe you are starting to get the sense you are working with the wrong people.  The phone person may try to be positive and lean towards saying yes more while you talk.  Their approch might feel fine with sharing a best guess and following up later once they have more info.  Maybe the local guy favors being conservative and providing guidence until he knows what he can commit to.  I'm comfortable with both approches, but the more important question is do you feel like you are dealing with people you trust and who are good at what they do.

If you don't feel comfortable with these two, call more.  This is a consultant, so nobody wants to waste time, but you do deserve to find someone you feel a level of trust.  Someone not good at getting this process done can hurt you by slowing things down, even a few days.  So, if you don't feel good about what you are seeing, I'd do one of two things:

1) Pick up the phone and call both.  Let them know you are concerned about how long this can take and want to make sure you don't have surprises.  Ask them how long this will take, and what you can expect in terms of changes that might happen later.

2) If you are not sure you are dealing with professionals, call more.  Like right now.   You don't have time to mess around with people who procrastinate, or don't shoot straight during this process.  You deserve to work with professionals you trust.

[Anonymous]

Hey Mickey Blue-  Thanks for the good advice.   When I think about it, the local guy who is acting more conservatively is proably going to have my interests at heart when push comes to a shove through UW and clsoing.  Rather than giving me an up-front, feel good answer, he's giving advice that will make the UW/Closing go more smoothly in the longrun.   While I'm going to get LE from both sources shortly (waiting on the formal Purchase Agreement), I will likely let local guy guide us through the entire thing.

If I didn't have to shell out $500 for an appraisal, I may run the two simultaneously to make sure I don't get derailed through just having one go south, but somehow that feels not quite right.