Can I lock a home loan rate with more than ONE lender ?

Can I lock a home loan rate with more than ONE lender ? So is it good to go with a broker than a lender directly ? Will I get a better rate from a broker than a lender directly ?

Responses:

Regarding the broker question: yes and no. The broker makes anywhere between $500 - $1500 off of your loan and you may have to pay him more than that, depending on the broker. The broker does all the leg work for you. If you want to save yourself some money - go to the banks yourself. If you do not have time, then go see a broker. But the broker gets the same rates that the consumer does
Sure, BUT you will need to make formal loan application with each of these lenders and this could actually lower your credit score. PLUS, if this is a longer term lock more then 30 days you will usually need to pay a nonrefundable lock in fee. I really doesn't make sense to do this
Sure can. Brokers usually do that anyways. That is the advantage of going thru a broker versus directly thru the bank. A broker has access to many different lenders all at once while your bank only has their own guidelines. Also, a broker will pull one credit report and each lenders system can repull that same credit report so that your credit is not getting pulled several times
This is one of the reasons lenders have application fees. We order and pay for appraisals, flood certs, le work not the cost of a policy but they do get paid for the work they did whether the loan closes or not. all that stuff costs money, plus they do have to pay me, even though this is so much fun. If you make a bunch of applications, you will pay a bunch of app fees. Some lenders will charge a rate lock fee too. These may or may not be applied to your closing costs, but if you do not close, the fees are forfeit

Tags: reasons, fee, flood, time, report

Follow this dicussion..

Related Images:

Knowledge Base

Does anyone know any reputable bad credit home loan dealers?

my partner and i both have bad credit. we want to know if there are any reputable bad credit home loan dealers out there that will help us get a home loan with little to no deposit required. we are both employed full time but our finances are being eaten (home loan credit)

What Credit score do I need to get approved for a home loan refinance?

i am hoping to refinance my home loan to a lower rate. i understand that applying for a new loan is a "hard inquiry" that will lower my credit score, so i do not want to apply unless i am reasonably sure of being approved. what score range would i (bad credit home loan)

What kind of home loan interest rate could I get with a bankruptcy on my record?

i have a chapter 7 bankruptcy on my record from 2003, but i have no debt and a credit score of about 700. and i have $20, 000 for a down payment. if i got a home loan, would the bankruptcy make a huge difference in the interest rate? how (home loan rate)

Related Images:

Knowledge Base: Home Loan

What are the key factors in obtaining a home mortgage loan?

my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (home loan rate)

How do we get a guaranteed bad credit home loan to purchase a new home with no cosigner?

there is no such thing. you have a better chance finding bigfoot or elvis!. you find that then you are the luckiest person. home mortgage loan refers to the loan lent to someone who buys a house from a developer, makes the initial payment and lets the bank to pay (home loan refinance)

What is the maximum limit of home loan credit score rating could help avail?

do not wander here and there just visit: antifraudreport.com. hi if you looking for a legitimate online loans in 1 hour. once approved your loan will be transferred directly to your checking account promptly, and securely. now you will be able to use the cash for all your necessities. legitimatepaydayloans.net (home loan rate)

Bad credit Home loan, How can you get a home loan with really poor credit?

my husband, myself and our kids, are living with his parents, for the past six months. we both have very poor credit and are in desparate need of our own place. we now can afford our own place but cannot get a loan to purchase one. we have down payment (home loan credit)

Can I use my current owned home as collateral on new home mortgage loan?

my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (home loan refinance)

Related Images:

Knowledge Base: Home Loan Rate

Can I lock a home loan rate with more than ONE lender ?

can i lock a home loan rate with more than one lender ? so is it good to go with a broker than a lender directly ? will i get a better rate from a broker than a lender directly ?. sure, but you will need to make formal loan (home loan rate)

I have heard about Variable rate home loans. But why do people choose that loan over a fixed rate loan?

could there be a baloon payment with that type of home loan?. because they often start out less than fixed rate and it's a somewhat tricky way to fool people into taking a bigger loan than they can afford. there could be a balloon, but not necessarily. that's just another (home loan rate)

Does the home loan interest rate vary between online quotes and the real ones ?

- i am planning to buy a home - i have put an offer on a house and almost a hundred percent done deal now i have to look out for a home loan. i am looking at several online interest rate quotes what lenders are giving based on my (home loan rate)

What kind of home loan interest rate could I get with a bankruptcy on my record?

What is the best way to get home loan rate quotes?

who is the best to get a home loan from? i am in oklahoma. start looking around, i think country wide is at the top of the list. find a lender in your area and get qualified to buy. i would float into a rate right now. local lender so (home loan rate)