how many mortgage application?

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losarhp
Posts: 2
Joined: Mon Feb 26, 2018 2:28 pm

how many mortgage application?

Post by losarhp » Sat Mar 03, 2018 5:23 pm

Hi guy I am looking for mortgage on new house. How many places can one apply to compare different rate and closing costs?

mhalley
Posts: 5927
Joined: Tue Nov 20, 2007 6:02 am

Re: how many mortgage application?

Post by mhalley » Sat Mar 03, 2018 6:26 pm

Clark Howard recommends 3 to 5, done within a 14 to 30 day period.
https://clark.com/homes-real-estate/4-w ... -mortgage/

https://clark.com/homes-real-estate/how ... age-rates/
The streamloan app sounds interesting for simplifying the appplication process.

https://clark.com/homes-real-estate/str ... -mortgage/

itstoomuch
Posts: 5343
Joined: Mon Dec 15, 2014 12:17 pm
Location: midValley OR

Re: how many mortgage application?

Post by itstoomuch » Sat Mar 03, 2018 9:00 pm

One is good if you push the broker.
We just closed on 01Mar. The lender questioned our lender from a closing in 2017, then a lender that was higher rates, and finally a lender that was a fall back when lender said that they couldn't do it, just 3 days before scheduled closing. Unbelievable on the huddle's they had put up.
JMO.
YMMV.
Rev012718; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax TBT%. Early SS. FundRatio (FR) >1.1 67/70yo

mattshwink
Posts: 304
Joined: Mon Sep 21, 2015 10:01 am

Re: how many mortgage application?

Post by mattshwink » Sat Mar 03, 2018 9:24 pm

I did four. Just try and do them on the same night to compare apples to apples.

OldLearner
Posts: 62
Joined: Tue May 06, 2014 11:59 pm

Re: how many mortgage application?

Post by OldLearner » Sat Mar 03, 2018 10:34 pm

losarhp wrote:
Sat Mar 03, 2018 5:23 pm
...How many places can one apply to compare different rate and closing costs?
Is the key word "can"? I would think you can apply to as many as you want, but we never had to "apply" to get rates and closing costs. The last time we got or refinanced a mortgage, we made eight or so phone calls to get basic information, then followed up with two or three with the best rates. We only actually applied to one (a day or two after initial contact), and closed 18 days later.

Bud
Posts: 139
Joined: Sun Jul 22, 2007 6:59 am

Re: how many mortgage application?

Post by Bud » Sat Mar 03, 2018 10:59 pm

if it's your first time, don't be intimidated. Shop for a mortgage like you shop for anything.

Really there is no 'service' aspect of a mortgage so just find the best price and go with it. I called three or four and gave then basic info so I wouldn't need to fill out all the paper work just to get a quote.

All the best!

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randomizer
Posts: 1326
Joined: Sun Jul 06, 2014 3:46 pm

Re: how many mortgage application?

Post by randomizer » Sun Mar 04, 2018 2:04 am

I looked at about 10 or 12, but only got as far as preliminary paperwork with 2.
75:25 — HODL the course!

hamiltop
Posts: 16
Joined: Sun Dec 28, 2014 11:40 am

Re: how many mortgage application?

Post by hamiltop » Sun Mar 04, 2018 2:11 am

If you have a run of the mill situation (20% down, easily qualify on W-2 income, etc) then anyone will be fine. Shop for rates.

If you have a complex situation (competing with all cash offers, self employed income, etc) then having a good broker who is willing to go to bat for you is a big deal. Having to do a 20 day close, payoff debt in creative ways, handle gift funds, etc. all at once is extremely stressful and having an experienced broker will make your life less stressful in an already stressful time.

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