When shopping for a mortgage lender, I suggest that my
homebuyers talk to more than one lender to find out about the different
programs. However, the buyers DO NOT NEED to have each mortgage lender “pull
their credit” which can hurt their credit for the actual purchase. Ask the
first lender to pull your credit (a “hard pull”) to find out your credit score.
The credit score for mortgages is still FICO, not the new credit score for
credit cards. Get the credit score from the first lender and have him or her
tell you about how much down is needed and what the monthly payments of
combined principal and interest will be. (Property insurance and taxes will be additional
amounts for the mortgage payment, depending on the actual property.) Ask for
different qualifying programs and the payment amounts. THEN you should be able
to contact at least 2 other mortgage lenders and tell them your credit score
and ask them for their programs and payment amounts. Contact me by phone,
email, text, or private message if you have any questions!!
