Shopping around, multiple credit pulls

[Jordan Grimstad]

I made a classic newbie/lazy mistake - I got a preapproval letter from one highly recommended mortgage broker, but then neglected to shop around. Now I'm out of the 14-day grace period during which multiple pulls won't hit my credit score.

I think I already know the answer to this question, but wanted to confirm - is it worth it to fire it up again, take the second credit pull and shop around for the next 14 days? For reference, my credit is in a good spot, and the first offer was acceptable (i.e., I don't think it'd be a terrible mistake to move forward with it, but I might be able to knock 0.1-0.2% off the rate). Even if I don't end up saving money vs. the original offer, probably doesn't hurt to "practice" being aggressive in finding competitive financing...

[Jeff Dulla]

Ditto what @Natalie Schanne said. If your score isn't close to any thresholds - 740, 720, and especially 700 or 680, then just have it re-pulled by someone else. But you need to make sure if you are going to get quotes from someone else you are getting detailed quotes and you are doing it in a short window. I am a lender and I am pretty damn confident in the rates we offer. Nothing drives me crazier than spending a month, six months, whatever, consulting a client and then have them go off a spreadsheet I gave them a month previous, compare me to someone else's rates now and then drop me for someone else without a call. Very few people do something like that but a terrible feeling.

Long story short, rates are VERY time sensitive. So make sure you are comparing in a small window of time and that you are getting enough detail and not simply a quote over the phone.