How to shop for a refi?
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I want to take advantage of the lower rates while they are here and take a little extra out to cover the gap on Luke’s tuition as well as take care of a couple of renovations we want done. The question is how best to compare without having 15 banks pull my credit… Any suggestions?
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Could start by looking at rates, then deciding what companies you'd actually like to do business with...
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@mik said in How to shop for a refi?:
I looked at that link....
You really need to set up a fake email address to get any information that would be helpful.
I hate those sites.
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I just went through this recently. A few places will use a soft credit check (I believe better.com and ally off the top of my head, I'm sure there's several others).
You should also start at aggregator sites like others pointed out to get a sense of where you'd land.
It helps to know your FICO 2, 3, 4 (mortgage-specific FICO) mid-score. You need to pay for this, you won't get it on free credit check sites. Mortgage companies have to use your middle score from the credit bureaus.
The first hard credit pull will sink your score a few points - the subsequent ones won't have much of an effect (as long as they're within a certain time window... about a month or so).
Some places will insist that you do their online application - but several lenders were able to give me a rate quote without the hard-pull.
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I just went through this recently. A few places will use a soft credit check (I believe better.com and ally off the top of my head, I'm sure there's several others).
You should also start at aggregator sites like others pointed out to get a sense of where you'd land.
It helps to know your FICO 2, 3, 4 (mortgage-specific FICO) mid-score. You need to pay for this, you won't get it on free credit check sites. Mortgage companies have to use your middle score from the credit bureaus.
The first hard credit pull will sink your score a few points - the subsequent ones won't have much of an effect (as long as they're within a certain time window... about a month or so).
Some places will insist that you do their online application - but several lenders were able to give me a rate quote without the hard-pull.
@xenon said in How to shop for a refi?:
I just went through this recently. A few places will use a soft credit check (I believe better.com and ally off the top of my head, I'm sure there's several others).
You should also start at aggregator sites like others pointed out to get a sense of where you'd land.
It helps to know your FICO 2, 3, 4 (mortgage-specific FICO) mid-score. You need to pay for this, you won't get it on free credit check sites. Mortgage companies have to use your middle score from the credit bureaus.
The first hard credit pull will sink your score a few points - the subsequent ones won't have much of an effect (as long as they're within a certain time window... about a month or so).
Some places will insist that you do their online application - but several lenders were able to give me a rate quote without the hard-pull.
Thanks, Xenon! The original lender already pulled the credit and we have our middle score. The rate the original lender is offering is about .5% higher than where I think we should be landing based on our credit and equity…
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If you care at all, for my mortgage a few months ago I just used LendingTree.com and picked Wyndham Capital since they were about 0.5% lower than the average, so I went with them. Very easy experience (I can give you my POC there if you need it). Not surprisingly, they sold the mortgage to Fannie Mae the next month and I have another mortgage servicing company now, but that makes zero difference to me.
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If you care at all, for my mortgage a few months ago I just used LendingTree.com and picked Wyndham Capital since they were about 0.5% lower than the average, so I went with them. Very easy experience (I can give you my POC there if you need it). Not surprisingly, they sold the mortgage to Fannie Mae the next month and I have another mortgage servicing company now, but that makes zero difference to me.
@89th sure thing! PM me the POC. Thanks!
