how do i compare mortgage companies rate without each of them pulling my credit?

Posted on Jan 2, 2013 in Unique Loan Programs

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Question by peeboo6es2003: how do i compare mortgage companies rate without each of them pulling my credit?
I want to compare different mortgage lenders rates for me but I don’t want them all pulling my credit & lowering my score. My credit score is 739, doctor and a place told me 6.5% yesterday. What is the average rate for good credit?? Can I get a better rate from my bank or a mortgage company?

Best answer:

Answer by Mythogical Beast
Most places can give you a quote by just hearing your average annual income, buy how much a property is worth, how much you want to borrow, and what your credit rating is, and how much outstanding debt you already have. They’ll just take your word for it, knowing that it would be a preliminary rate that would have to be adjusted when more facts (like the condition of the property) are known. Nonetheless, it’s a number that would allow you to compare rates.

When comparing rates, you need to pick a specific loan period (30 years is typical, but go for 15 if you can afford it), and nail them down about the number of points. You can get a lower rate if you take a shorter period, and an increase in points can also decrease your rate.

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  1. You can pull your own credit report without impacting your score. The middle score of the three agencies is the score the lenders will use. You can then supply them with that number and their quote will be predicated on that score.

    Yestereday moring the par ( no buy down) rate for a 28 day lock on a 30 year fixed rate with a 1% origination fee was 6.125% but it increased to 6.25% yesterday afternoon. At 6.25% someone is making a bundle on you.

    If you’re comparing just rates you may be doing yourself a disservice as rate is only one component of what makes a loan the right one for your specific needs and goals. But if it is solely a comparison of rate and costs you want I suggest you also compare the APR’s as well as they reflect the costs of the financing. The closer the APR is to the quoted rate, the most cost effective the costs of financing.

  2. depends on your down payment and if it’s 30yr fixed.
    banks have huge overheads they need to pay….their loans may be slightly higher than a mortgage company.

    if you have a loan over 200k…and putting at least 5% down…you should get 6.375 with 1 origination fee.