subject: How to Shop Online for a Mortgage [print this page] Consumers may also be surprised to find out that once their credit is pulled, the various credit reporting agencies can then sell that trigger data to other mortgage companies who may contact you. And, don't be shocked if the mortgage company who holds your existing mortgage comes out of the woodwork with a pitch to refinance your mortgage (they may also be buying that data). No matter which route you decide to go down, do not have your credit score pulled too many times. While credit agencies may suggest that your credit score may not negatively be impacted if the inquiries are lumped closely together, you may want to play it on the safe side. Once your score is pulled once, just ask for your score and let the other quoting lenders and/or brokers know your scores for their quote. Yes, they will need to pull their own report if you elect their services . But, they do not need their own copy to simply quote you a rate and closing costs. Once you decide on a provider, be sure to ask for a written confirmation that your rate is indeed locked for a designated period of time. Do not fall victim to being told two weeks later that your rate was not locked and that rates are now higher. Whether you are going directly to the source or are using your knowledge to negotiate a more competitive offer from your local lender, broker, or credit union, there is little doubt that comparison shopping online can save you money. Best of luck finding a great deal on your next home loan.
How to Shop Online for a Mortgage
By: Nat Criss
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