Mortgage Inquiry Shops
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I have never given an address beyond general area ("I'm over in Sweetwater," "I'm in the Ridge neighborhood."
) and if the instructions don't tell me what to indicate, I generally mention a loan amount that is about 75% of the current property value if it is a refi and either 78% or 82% if it is a new purchase. If it is a refi I usually mention that current rate is a couple of points above current rates being offered. There is a little homework you need to do if you are comfortably and confidently make these shops work. If I have not been instructed otherwise, I just indicate that my credit rating is Excellent and that if I decide to go with them, I of course would let them verify that.
Edited 1 time(s). Last edit at 06/18/2016 04:26PM by Flash.
) and if the instructions don't tell me what to indicate, I generally mention a loan amount that is about 75% of the current property value if it is a refi and either 78% or 82% if it is a new purchase. If it is a refi I usually mention that current rate is a couple of points above current rates being offered. There is a little homework you need to do if you are comfortably and confidently make these shops work. If I have not been instructed otherwise, I just indicate that my credit rating is Excellent and that if I decide to go with them, I of course would let them verify that.Edited 1 time(s). Last edit at 06/18/2016 04:26PM by Flash.
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