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ineedadvice

Kinda a dumb question..but I just don't know...

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I am getting ready to apply for my first mortgage. I am looking at a small condo for 69,900 and its offered under Fanniemae Homepath. My Realtor gave me the name a several lenders who offer the Homepath loan and they are lenders she has worked with before. My question is this: Do I contact more than one lender? Does it make sense to work with more than one lender at a time? Will each lender pull my credit? I would prefer not to have my credit pulled numerous times.

 

Thanks for taking the time to reading!

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You don't have to but if you want to rate shop you could. I'm not sure if rates fluctuate much for Homepath loans though. As long as you close within 30-60 days, all mortgage inquiries count as one on your credit report.

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I would for sure call around & get an idea of rates & fees for 2-3 lenders. Having mulitple lender pull your credit within a few days of each other won't hurt your credit. You don't have to let them all pull your credit. Keep in mind while you rate shop rates change 2-3 times a day. If you hear a rate you like go with it. Homepath loans will be priced higher because they don't have PMI from what I have seen the rate is going to be .025%-.050% higher than a normal conventional rate. The payment is still cheaper because you don't pay PMI have your LO price it both ways to make sure you are not better off getting a normal Fannie Mae loan.

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To prevent the spreading of misinformation

 

All inqs count as one for FICO, but they're still listed separately and will show on your reports for 2 years.

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One thing to keep in mind for lender shopping, if this is your first loan, is physical location. If you know you like to sit down and have things explained, don't pick a lender that is located a long drive from your normal day. I know it doesn't sound like much but I greatly appreciated being able to stop in before and after work to my lender for signing and questions without having to deal with traffic. As someone else stated, the interest rates are probably tied to the program (mine were) so it didn't matter what lender I went with they just had to be in the program.

 

Perhaps on my second loan I would be more comfortable to not have that relationship.

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