searching online for a mortgage broker as suggested in my previous??? regarding refi or equity loan?

Deal Score0

meanwhile can anyone suggest a few good mortgage brokers. And wouldnt the Rate be determined by my credit currently 625. Also,is it fact that each inquiry will need a credit check and therefore it will post on my credit report which brings the credit score down 3 points per inquiry. I am concerned about this. Im currently at a 625 with a thin crdit file however Im slowly building my credit by making my pymnts to my vehicle and loan and credit card. I will be taking the advice from the posters and look for other alternatives or at best a lower rate. Thank you all very much

3 minutes ago
I understand that the appraisal fee’s are coming out of my pocket if I am to take the loan through citi financial but they did not say anything about who covers the fee if I dont take the loan. Could I be the one responsible even if I turn there offer down?

  1. Reply
    April 30, 2011 at 12:09 am

    Appraisal fees do come out of pocket, and there will also be processing fees if your loan is approved.

    Yes, as it is mandatory to get an appraisal of your property before a lending institution will consider a loan for the property. You must have this appraisal done by an appraisal company to show which ever and any lenders the appraisal on your property. The appraisal is yours to keep and the loan will be based on the appraisal of the property.

  2. Reply
    April 30, 2011 at 12:53 am

    You are correct in trying to prevent lenders from all pulling your credit. It can lower your credit score. However, if each mortgage lender pulls your credit within the same month and within 2 weeks of the first inquiry – your score will not drop. The reason for this is the same for car loans. You generally shop programs for car loans and home loans and ONLY get ONE loan. Credit Crads are different, if you have 3 banks inquire into your history for credit cards, in theory, you could obtain 3 different credit cards (tarde lines) so your credit score will drop for each of those inquiries.
    If a mortgage company orders an apprasial and you do not close the loan with that lender, sometimes that lender will try to recoup the cost, others will not. However, you can NOT use the apprasial ordered by CitiBank to close a loan with a different lender.
    Research your options first. Then proceed with the lender with the lowest fees, best rate and more importantly best SERVICE. Most programs will come in near the same rate and costs – selct the lender professional that is the most responsive.
    I am a mortgage lender and do a great deal of repeat business. Most people get more than one mortgage in there lifetime. The average is 1 every 5 years. If you trust that professional, you will go back to them.
    Bottom line, make sure the terms are explained to you. Ask questions, never be afraid to ask a question this is YOUR loan.
    Hope this helps,

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