Almost every buyer knows that getting pre-approved for a mortgage is the first step in purchasing your next home.
While most people either go to their bank or ask their agent for a referral, did you know that you can shop around for the New Orleans lender that best suits your needs?
You can. And you should.
Why you should shop mortgage rates and costs
Every lender has a different set of loan products that they offer. Finding the right loan can make a big difference in your out of pocket costs when it’s time to close the deal.
How to shop mortgage rates and costs
There’s a misconception that every time your credit bureau is pulled, your credit score drops. However, if you make all of your mortgage loan applications within a 10 day period, you will be able to avoid any dings to your FICO score.
You’ll need to be prepared, though. Have your bank statements, tax returns, W2s and pay stubs together and ready to submit to each lender to stay within that 10 day window.
Pro tip: Realtor.com is predicting that mortgage rates, currently just under 4%, will rise to 4.65 by the end of 2016. Once you’ve shopped around and found the right lender, lock in your rate and get to shopping for your new place!