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Mortagage Options - Credit union vs Wells Fargo


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Thanks to CIC, my credit has improved to the point I am starting the first steps towards owning a home. I have been approached by Wells Fargo and Wachovia to do a mortgeg through them. I currently have a good relationship with my credit union.

Here are my questions:

When one begins this journey do I allow all of them to run my credit and use the services that have the best interest rates?

Should I use a mortgage broker?

How will this multiple inquiries afffect my score? I understand if they occur during a 30 day period I should be OK . Is that still true?

Anyone know any good forums on foreclosures?

Thanks in advance

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My suggestion would be to use a mortgage broker. You can ask them if they work with Wells or Wachovia and if you would rather have your loan placed with them, they will do that for you. The positive thing about using a broker is that they can just pull your credit once (and you can offer to pay them for it and have that information) and use that for all of the lenders/investors they work with. Even if the basic interest rate index remains the same, rates can change during the day with each investor as their liquidity concerns get lower and higher.

If you have a solid deal with enough money down, your credit union would also be a good place to check.

You have a 12 day (the book says 14 day-but best to error on the side of caution) to have your credit run with different mortgage brokers/banks/credit unions and not have your credit hurt more than for the first pull. That is so that you can shop around.


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