WARNING – Applying with multiple lenders

Anyone looking for a loan wants to shop for the best deal. This is certainly understandable. But there is something very important you need to know about who you may be contacting. Some websites are not lenders or mortgage brokers. They simply throw up some information and try to get you to fill out a form so they can sell your information to lenders and brokers. Its perfectly legal to do. At the point you complete a form or survey your no longer a customer, but a “Mortgage Lead” that will be sold. This may sound impersonal, well it is.

Some websites (that look like lenders) will collect dozens or hundreds of names, phone numbers and emails a week, then sell that information as mortgage leads. Leads may be sold to a single lender or they could be sold to multiple lenders or even a company that compiles list and resells them. Your information could be resold many times. It’s not uncommon for a borrower to inquire with one of these LEAD generating websites thinking they are inquiring about a loan and within a couple of weeks have 15-20 or more loan officers calling trying to earn your business.

Additionally, applying with multiple lenders could adversely affect your credit score if each lender checks your credit report. This could lower your credit score and lower your interest rate.
Applying with multiple lenders through the course of a week won’t allow you to effectively compare rates and fees. Rates change sometimes throughout the day and often lenders charge different fees making it difficult for you to compare.

THE BEST WAY TO SHOP

The best way to shop for a va mortgage and know your getting a competitive deal on your rates and fees, is to inquire with someone you trust, to get a personal referral from a friend or relative or to apply with a VA mortgage broker on VA-Loan.com

A mortgage broker is not a lender, but acts as a middleman without the middleman fees. A broker works with dozens or hundreds of national and local lenders allowing him to find the lowest rate and lowest fees offered. With ONE completed application the broker can compare rates, fees and other important factors to see which lender is offering the best deal at that moment in time.

Click here to learn more about mortgage brokers.
Click here to learn about the benefits of VA-Loan.com
Click here to learn more about Rate Locks

top