Conventional Mortgage Loan Advice

[Amir B.]

Hello BP Community,

I got a MFH loan for $400,000 with my personal bank (Wells Fargo) back in June. It doesn't expire until October. The interest rate is 3.625%. WF has high lender fees and the interest rate could be better.

My question is should I shop around with smaller banks? I believe when one bank runs a hard inquiry, its OK to have others run it within 90 days and not affect my credit? 

I have been using bankrate.com to look at other options. However, when I inquiry the loan officer doesn't return my calls or emails. 

Please advise.

Thank you. 

[Scott Groves]

You will be living with the interest rate for the entire loan. That will be the most important figure. Then there are closing cost. Closing costs have many meanings to many people. Ask what they are and what their cost is. Costs will vary from bank to bank. The cost of any given item for one mortgage company will be different for another. You have to look at the overall costs. Taxes and insurance should be the same. You get to choose the insurance company that you will use so shop around. Get involved in this process. It's your house and you will have to live with it. If you plan on buying another house, you will need to be familiar with the process. If you have someone else do it for you, then you will never be wiser.