shopping for best mortgage

[mirek]

I know that a credit check by a bank is a mark on your credit report, how are you supposed to shop for the best mortgage safely?

[Diamondog]

I was told to use a mortgage broker who will do 1 credit check then find you a mortgage without having to do subsequent credit checks because too many credit checks looks bad.

[Hubster]

I was told to use a mortgage broker who will do 1 credit check then find you a mortgage without having to do subsequent credit checks because too many credit checks looks bad.

That is indeed one of the avantages of dealing with us mortgage brokers. Only one credit report is pulled at time of apllication and then shared with which ever lender(s) you choose to do your business with.

Allowing numerous lenders to check your credit over a short time frame will negatively ding your score. You are then, rightly or wrongly, deemed a credit seeker looking for immediate assistance. While I believe Equifax and other bureaus have gotten more fleixble when it comes to this situation (comparison shoppers?) it still exists today.

Good luck!

Hubster

[jerryhung]

That is indeed one of the avantages of dealing with us mortgage brokers. Only one credit report is pulled at time of apllication and then shared with which ever lender(s) you choose to do your business with.

Allowing numerous lenders to check your credit over a short time frame will negatively ding your score. You are then, rightly or wrongly, deemed a credit seeker looking for immediate assistance. While I believe Equifax and other bureaus have gotten more fleixble when it comes to this situation (comparison shoppers?) it still exists today.

Good luck!

Hubster

I was told, and from my own research too, that multiple credit checks in a short period when you're shopping for mortgage won't hurt you, as lenders can see the pattern of you shopping around for mortgage if it's like TD, ING, Scotia, RBC, BMO, blah blah....

I recommend Broker too, but I'd also use Broker's rate to try to match any of the Big 5, and Big 5 can sometimes even beat it

There ARE 2~3 active mortgage rates thread now, quoting 4.7~4.9% for 5-yr fixed, etc...

[Kingmoo]

There ARE 2~3 active mortgage rates thread now, quoting 4.7~4.9% for 5-yr fixed, etc...

there can never be too many mortgage threads!

And those 4.7-4.9% quotes are not easy to get. More information is required

[mirek]

I was told, and from my own research too, that multiple credit checks in a short period when you're shopping for mortgage won't hurt you, as lenders can see the pattern of you shopping around for mortgage if it's like TD, ING, Scotia, RBC, BMO, blah blah.....

Thanks! Appreciate your help, was kind of scared of too many dings, I applied with ING, Scotia, RBC, BMO, CIBC, HSBC, PC and Vancity :|

Trying to get the best rate.

[Hubster]

I was told, and from my own research too, that multiple credit checks in a short period when you're shopping for mortgage won't hurt you, as lenders can see the pattern of you shopping around for mortgage if it's like TD, ING, Scotia, RBC, BMO, blah blah....

I recommend Broker too, but I'd also use Broker's rate to try to match any of the Big 5, and Big 5 can sometimes even beat it

There ARE 2~3 active mortgage rates thread now, quoting 4.7~4.9% for 5-yr fixed, etc...


It probably won't "hurt" you from the lender's persepective because they can obviously see that you are just doing your homework. My statement referred to your credit score - which will be affected by too many inquiries in a short period of time.

Hope that clarifies.

Hubster

[ramoose]

Thanks! Appreciate your help, was kind of scared of too many dings, I applied with ING, Scotia, RBC, BMO, CIBC, HSBC, PC and Vancity :|

Trying to get the best rate.

What it does show them is you have no loyalty and you are using them to grap a low rate. Will they get your other business? If so how long and will you do this all over again?

[direct-x]

My broker told me that when pulling credit for a mortgage pre-approval, there is a code associated to it. This allows other lenders who you may apply with too see that the inquiries are all for the same product, thus not dinging your record.

[Diamondog]

What it does show them is you have no loyalty and you are using them to grap a low rate. Will they get your other business? If so how long and will you do this all over again?

Not too many people are loyal to a bank if they can't provide the best mortgage rate....this isn't a credit card we're talking about here this is hundreds and hundreds of thousands of dollars for the house/interest.

[gizmo8]

I looking for a mortgage broker in the GTA..any recommendations?.Please PM me...

[atta]

Need a solid mortgage broker in GTA as well... please PM