If you need to secure financing to purchase property, it is smart to talk with at least three lenders. It’s always good to shop your loan, but you don’t want them all pulling your credit, because they do a hard inquiry that can hurt your credit. For more information on how that is factored, see Will Rate Shopping Hurt My Score.
It’s okay to tell them that you are going to be talking with a few lenders to find the right deal for what you want to accomplish. Just ask the first one you talk with for a copy of your credit report and then give that to the other lenders. If that first lender is hesitant to send it to you, it is worth offering to pay for the credit report to retain your best credit score.
Remember, this is a hard inquiry and the lenders do need that detail to give you accurate information. To avoid any miscommunication, it is a good idea to be very clear with the second and third lenders you talk with that you do not want them to pull your credit.
You’ll want to make sure they understand what your priorities are, whether they’re saving money, lower payments, lower interest rates, a specific purchase price, etc. You will also want to ask them what their fees are for the loan. It’s important you like your lender, as they become one of your best friends for 30-60 days.
Here are some lenders our previous clients have used:
We would also recommend checking with your bank to see if they have any special offers. Sometimes Wells Fargo and Bank of America have some great deals that are hard to find with private lenders.
Whether you're buying or selling, we'd love to help make dealing in real estate one of your favorite endeavors!