Discover the Ultimate Guide to Shopping for a Rate | Ukiah, Real Estate | California

If you're looking to buy a home whether you own one currently or are looking to buy your first home shopping for a rate is always a big discussion. So, I'm going to give you my thoughts and opinions on it, and let's get started!

Hi, my name is Kasie Gray, I'm a realtor broker associate, and mom and I love helping people sell their first home and buy their dream home. Thank you so much for being here. I'm going to talk a little bit about mortgage lenders' interest rates and what you can expect from shopping. Typically, I will recommend a few different mortgage lenders because everyone has a different preference for personality. So what I recommend to my clients is to reach out to them and see who calls you back and who you like and who you don't like and who helps explain things to you and I can explain something to someone and someone else could explain the same thing and they receive it better from someone else.

I think it just depends on your personality when it comes to shopping interest rates you'd supposedly have a 30-day window to shop around for a mortgage and that means get your credit pulled by multiple different mortgage companies and they will count it as one hard inquiry instead of like 10. Hopefully, you're not applying for 10 different lenders. I recommend like a hard pull from one or two maybe tops but I don't think it hurts to have a conversation with the lender before you fill out their application and just ask them a few questions. There are a lot of things that can determine an interest rate. The type of loan that you're getting your credit score, your income, your debts, all of those things.

Typically interest rates are going to be pretty similar from lender to lender what you're going to want to be looking for is a fees sheet also with that interest rate to see what kind of fees you're going to be paying for. A lender could get your interest rate down low but you could be paying a lot in points. So, your interest rate will just be determined by all of those factors. Unfortunately, I can't quote interest rates, I am not a mortgage lender, and I've never pulled someone's credit actually but I have for a rental though.

So, if you want to shop around, you can expect that some mortgage lenders will request that you pay for the credit pull yourself that's up to around eighty dollars now I believe. Some work it into their fees. So if it's like a credit union, they probably won't require you to pay for it but if it's an independent broker, they possibly will. So just keep that in mind when it comes to applying for a loan either way you pay for it, it just depends on if you pay for it before you close on a house or not if you plan on shopping.

You should do your shopping before you enter under-contract switching. A lender wall in escrow isn't the best practice. It's doable but not recommended one thing to also note is that a mortgage lender broker is different than a lender at a credit union or a specific bank and that's also different than a wholesaler there are tons of different types of lenders but applying for a mortgage is like a full-time job it takes a lot of work and effort to fill out those forms not that much but once it's done, it's done. You have to do very minimal effort after that.

So let me know if you have any questions, I will link down below the things that a lender is going to be looking for. So you can gather those items beforehand. Also when it comes to lenders different companies will offer different loan programs. So depending on the type of lender that they are. They possibly might have a better program, a fit for you than someone else, and then there are the state programs and the federal programs that everyone has access to. It just depends on who you are, what you're looking to accomplish, and what your personality says. That's technically who I would refer you to.

If you have questions about lenders that I recommend or if you're looking to see if you can buy a house without having to sell yours, reach out to me and I'm happy to connect you with a qualified and trusted, and knowledgeable mortgage lender!