Shopping for mortgage rates

[Anonymous]

What is the general consensus, when it comes to shopping for a mortage loan/rate?

How does lmany ender pulls, on a same day or within the 2-3 days, look on a credit report?

Im not sure, but what is usually the best and safest approach, when shopping for rates, in terms of minimal damage to the score?

Thanks

[Lemmus]

...as long as the pulls are from mortgage lenders and within a 2 wk window they should all be scored as a single pull.

[Anonymous]

Thanks and how long is a pull valid for?

[madmann26]

Depends on the lender. Some lenders offer 60 day rate locks, others 30 day. YMMV with lender.

[frugalQ]

I thought it was mortgage pulls within a 30 day period are counted as one....could be wrong though.

How long your credit score stays valid depends on the lender. One lender told me they are valid for 60 days. Another lender told me 90 days. And when I refi'd my house, our credit report was valid for 120 days.

Rate locks are different and also vary by lender. Most lenders offer 60-day locks as a standard part of their closing costs. Anything longer would require you to pay more out of pocket. Some offer 30-day lock as standard.

If your rate lock expires, they will not have to rerun your credit report to renew the lock.....unless your credit report expires also.

[Revelate]

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@frugalQ wrote:
I thought it was mortgage pulls within a 30 day period are counted as one....could be wrong though.

How long your credit score stays valid depends on the lender. One lender told me they are valid for 60 days. Another lender told me 90 days. And when I refi'd my house, our credit report was valid for 120 days.

Rate locks are different and also vary by lender. Most lenders offer 60-day locks as a standard part of their closing costs. Anything longer would require you to pay more out of pocket. Some offer 30-day lock as standard.

If your rate lock expires, they will not have to rerun your credit report to renew the lock.....unless your credit report expires also.

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It's different by model version.  IIRC:

'98: 2 weeks

'04: 30 days

08+ 45 days.

Given that the standard mortgage scores are EQ '04, TU '04, and EX '98 you would still want to get things done within 2 weeks ideally because of EX.

[ezdriver]

Rate shopping should be done when you are prepared to lock a rate. That way, all of your credit pulls would be done in a shortest period of time. The probelms is that you'd have to have an underwritten file and approval to rate shop when you can loack a rate. Similar to one attempting to catch the low point in a stock price so one can buy the stock. Its akin to catching a falling knife.

[Revelate]

Somewhat tangential question, what's a realistic number of lenders to be rate shopping with?

More lenders = more paperwork, but does it make sense to try say a couple of lenders that you knowm and then a mortgage broker or online service in addition to complete the spread and keep everyone honest?