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Updated over 4 years ago on . Most recent reply

User Stats

21
Posts
3
Votes
Michael Flood
  • Dallas, TX
3
Votes |
21
Posts

Is this a typical experience in shopping for a mortgage?

Michael Flood
  • Dallas, TX
Posted

Hi All, I've been reading on here for several years but just now in a situation where it makes sense to buy.  I'd be buying as a primary residence and have spent the last week looking for a mortgage.  It has been quite the experience - I don't hear back from half the banks and lenders that I reach out to (though I feel I'm qualified in the eyes of most lenders) and then it seems like the other half of the lenders I reach out to share my information with all their lender friends (most of which I haven't heard of).  I've seen everything from 2.75-3.75% on interest rates.  I'll continue searching the BP forums for answers but in the meantime I'll post my questions here as well :)

  • -Is this a typical experience?
  • -Is my understanding correct that I can apply for prequalification with as many lenders as I would like within a 14 day period without my credit being affected?  Are there any downsides to doing this?
  • -I'm not sure if I'm able to ask for recommendations on where to look for a mortgage in this particular forum, if I'm not, do you have any resources you can direct me to?

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