Sadly this is my third home purchase..hopefully the last. We are under contract on a new place with our current house also under contract, contingent on closing on the new one. Closing date for the new place is about 6wks away.
I have always worked with a local bank lender he is really great and I honestly have no complaints. With prices getting so high and rates doubling since my last purchase I feel as if I need to rate shop a little bit just to keep him honest and my due diligenc.
We got pre approved obviously(no credit pulled, he knows me and our income so). Probably going to pull credit this week and potentially lock in a rate.
Since rates change daily my question is when should I go to another lender and ask for a quote? I assume a new lender will want all the details and need to pull my credit again? So do I do it the same day? Can I lock one in and then back out if I find something better?
If I found something better I would prefer to give my current lender a chance to match it. Please just run me through the steps to protect myself on all ends.
Thank you!!!
Edit: the bank lender is a local bank that I don't use, he was just recommended a long time ago and has been great. I bank at a credit union currently and they would be my first exploration.
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source https://www.reddit.com/r/RealEstate/comments/1kokmo2/accepted_offer_how_do_i_shop_rates/
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