is it advantageous to talk to different banks/mortgage companies for options on mortgage loans?

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we are first time homebuyers and will be looking to get an FHA loan…is it okay to talk to, maybe like, three different places (2 banks and 1 mortgage company) to see what is available to us?…or will that hurt us?

4 Comments
  1. Reply
    Jake in Indiana
    April 29, 2011 at 11:16 pm

    Don’t get just stuck on getting an FHA. It isn’t always the best.

  2. Reply
    linkus86
    April 29, 2011 at 11:58 pm

    Yes, but you need to remember that a mortgage broker often deals with several different banks. I suggest you speak to one bank and two different mortgage brokers instead. As a first time buyer I also suggest you search your state housing department website for special government programs directed towards low to median income buyers (if applicable). FHA is a great program but not always the best deal. you sound like a good consumer so you know to shop around for the best deal. Good luck!

  3. Reply
    Jeromy W
    April 30, 2011 at 12:47 am

    absolutely, go and talk, see what people can do, but do not give out your social security number right away. What you want to avoid is having too many inquiries too soon, while it doesn’t adversely effect your credit, the reporting agencies tend to frown upon it. Speak to your friends, family, associates, find out who they recommend for both a realtor and mortgage lender, do research and then make the best informed decision you can. Be aware though, FHA is a lengthy process, expect between 2-4 months

  4. Reply
    Meredith
    April 30, 2011 at 1:39 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

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