Lock in interest rate with multiple lenders?
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Anonymous
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Hi all, I'm planning to purchase a home. Can I apply loan and lock in interest rate with multiple lenders?
Thank you all! |
Anonymous
| No! |
Anonymous
Locking might be a step too far but you can work with a 100 brokers if you like. I would call no less than three the day you are actually ready to lock |
Anonymous
| NO, Don't do that. |
Anonymous
| It could be dangerous. When your credit is run multiple times it affects your score- and depending on what your credit is if you're on a threshold it could drop you below a threshold for a good rate. I was victim of this as my credit score expired the week before I closed (I think good for 90 days?) and when they reran it- the 2 multiple runs in just over 90 days affected it- I think it dropped 10 points? and thus I had to pay more points at closing. |
Anonymous
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Real estate agent here - you can, and should, apply with a few. Get recommendations from your real estate agent and/or friends who have had GOOD experience. Stay away from credit unions and USAA (hey, even I bank with them, but...). The big banks also stink usually (BoA is the worst, Citi etc. not great either). You just don't get personal, quick service. Credit pulls for the same thing doesn't count worse against your credit really.
However, you CANNOT lock in a loan really until you are under contract on a house. So, while you can shop and be ready, locking in a rate ahead of time isn't generally possible. |