It’s December. And that means you don’t have time to read long and boring posts about getting a mortgage. What instead? THIS lightning-round mortgage FAQ!
Should I shop around
for the best rate?
A thousand times YES! And don’t worry about stepping on
lenders' toes. Tell them you’d like to work with them, but
you’re shopping around for the best rate.
Will multiple mortgage loan applications
hurt my credit score?
Maybe by a few points, but not enough to keep you from comparison
shopping. As long as credit inquiries are made within a few days of one
another, each is typically counted as a single inquiry for
credit-scoring purposes.
How far in advance should I apply
for a mortgage?
The sooner, the better, but apply only when you’re
almost certain to buy. Pre-approval letters are valid
anywhere from 30-90 days.