Another mortgage question

I met with my parent's friend this week and gave her all my paperwork (docs,etc) for our loan and she ran them online. If she ran my loan online and got me the committment letter does that mean I have to use her?

Also, if I shop other banks and they need my docs do I have to bring my docs to every single bank or because I'm already online approved does that mean my info can just be looked up?

Re: Another mortgage question

i don't understand what "running them online" means. is your mom's friend a mortgage broker? She/He sent the paperwork to the underwriter?

You don't have to use anyone, you can shop around as much as you want, but didn't you pay this person a fee?

You will have to give each bank all your information, there is no central database/

Re: Another mortgage question

I didn't understand "running online" meant either. She is a broker and the only one so far that I have trusted. I think online means "processed"? And no I didn't pay her a fee.

Thanks for the info.

Re: Another mortgage question

You'll probably pay the fee if you end up using her in your closing costs (that's the case with our broker).

You don't have to use her, you can go with anyone, and you'll have to show documentation again.

Re: Another mortgage question

I think I am going to shop a bunch of different banks. I feel like I can get a better rate with my terms. It's just so personal when you deal with referrals and I hope not to offend her.

I am going to shop different banks next week.

Thanks guys!

Re: Another mortgage question

Just remember though that rates change each day so, if you get a different rate from a bank, it's not neccessarily better or worse than the one the broker gave you!

Re: Another mortgage question

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

Re: Another mortgage question

Posted by aliwnec10

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

Re: Another mortgage question

Posted by MSeid

Posted by aliwnec10

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

I'm pretty sure that when you run your credit score within a certain timeframe like over a certain amt of weeks for a home purchase it doesn't affect your credit.

Re: Another mortgage question

Message edited 2/2/2007 9:17:24 AM.

Re: Another mortgage question

Posted by MSeid

Posted by aliwnec10

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

I'm pretty sure that when you run your credit score within a certain timeframe like over a certain amt of weeks for a home purchase it doesn't affect your credit.

Re: Another mortgage question

Posted by aliwnec10

Posted by MSeid

Posted by aliwnec10

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

I'm pretty sure that when you run your credit score within a certain timeframe like over a certain amt of weeks for a home purchase it doesn't affect your credit.

well i could be wrong, but my brother is in real estate and thats what he told me.

Re: Another mortgage question

Posted by SweetTooth

Posted by MSeid

Posted by aliwnec10

she probably ran your credit online. And just so you know, it's not good to have your credit report pulled that much... it actually can bring your score down. So if you shop around, don't have all of them run your credit.

I'm pretty sure that when you run your credit score within a certain timeframe like over a certain amt of weeks for a home purchase it doesn't affect your credit.

This is true. If its for a mortgage I think it can be pulled many times within a month or so timeframe and will not affet your score. They undestand you would want to shop around for a mortgage!

Re: Another mortgage question

I think it's 30 days

I was sitting in Jake's office when he said that to someone