Hi BP Community!
I am currently in the process of buying my first place! I started the process in December after listening to multiple podcast episodes and attending a few of the online webinars.
One of the things I was hoping I could gain your expertise on is shopping around for various mortgage loans. I am working with one of the large, national real estate services companies and they pre-approved me for a loan. But, I was hoping to explore online platforms such as Rocket Mortgage (for example) to see if I could get better terms and potentially a lower interest rate. I figured it would be beneficial to see mortgage loans from a few options, and then compare/contrast.
Has anyone used Rocket Mortgage before? Does it tap your credit report when going through the loan process? My main concern is that if I shop around a few places and my credit report keeps getting tapped, it will lower my credit score and resulting in a higher loan interest rate.
Please let me know if I can provide further clarification, and thank you in advance for your help!
Don't sweat a lot of people running your credit. The system is designed to realize a bunch of mortgage companies running your credit in a short time is for one mortgage and hit your accordingly. And even if it doesn't it's - temporary - and like 5 points. If your brother forgets to give you the property tax bill on your boat and it shows up as a tax lien, it's 70 points and 7 years worth of hassle - but that's my story not yours.Today, for me, 800 and 720 score get the same rate. I realize you're new and have to start somewhere, but I won't do a purchase loan with someone who I don't have some sort of a relationship. If they let me down it needs to cost them something. Or at a minimum I can drive to their office and give them a hard time. If it gets tough for the rocket mortgage guy 10 states away from you in the middle of your purchase he just heads to happy early and there's nothing you can do.
Thanks so much for the info and appreciate the advice. Always good to hear another perspective on the topic and get an idea of someone else's experience.
Forget Quicken, they suck and their “preapprovals” are useless. Pick your Local lender, get a Real preapproval.....with submittals of tax returns, pay stubs, etc.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.