Interest rates, are they the same?

[Thomas Lee Nuckles]

Should I shop around for a better interest rate or take the first offer I get? I know they run my credit every time and I don’t want to keep taking hits but at the same time if I get a good lender then I’ll stick with them until the process is over. Any help?

[Chris Mason]

Originally posted by @Thomas Lee Nuckles:

Should I shop around for a better interest rate or take the first offer I get? I know they run my credit every time and I don’t want to keep taking hits but at the same time if I get a good lender then I’ll stick with them until the process is over. Any help?

 Right, back to OP.

An independent mortgage broker can shop it with the entire wholesale marketplace with just one credit pull. It's not like a car loan where 20 different credit inquiries show up. Your SSN isn't typically even released to the specific wholesale lender until they are settled upon as the right home for your loan, which can include more than just rate/fees. For example if you read my previous post you will get the sense that lenders (wholesale and retail) and appraisers are backed up, but you have a 25 close of escrow. Whelp, a few wholesale lenders are sucking it up and paying out lots of overtime and still have 1-3 day underwriting turntimes, others are at 8-12 days just to get an underwriter to look at a paystub (& then tell you there's something wrong with it, resubmit and get to the back of the line). 

For that 25 day close of escrow, that speed difference is certainly a factor worth considering.... this lender in particular is presently getting most of my purchase business (even if they don't include weekends in their days count):