How do you shop around for the best mortgage rates?

Our realtor suggested we speak with the woman in her office who does mortgages. Other people are telling me to shop around. How can we do this without it effecting our credit scores? Won't our scores drop if we apply with several banks and they need to check our information?





Also, how do we know what lenders to seek out for the best rates?How do you shop around for the best mortgage rates?
You don't need to apply to different banks to find out their rates. If you know your credit score, then you can get a fair idea before they do any kind of credit check.





Look at sites like bankrate.com. lendingtree.com to get comparisons.





ETA: I was always told that having 3 or 4 credit inquiries in a short space of time wouldn't really hurt you. Although your score might drop a few points, the companies expect you to be shopping around for the best deal, so it's not like you are applying for 20 credit cards at once, or anything like that.How do you shop around for the best mortgage rates?
You can shop around without applying for a loan. Supposedly, any credit checks within about 2 weeks for the same purpose, such as a mortgage or auto loan, doesn't affect your score much. I am not sure that is accurate from personal experience. But that is the what they tell us. I would pull your own credit report and score. Based upon what is on your file I would start calling mortgage companies. You may want to contact a mortgage broker and let them shop your loan. Sometimes they can find a better deal than you could do on your own. You could still shop around. One thing to check are the points and add on's that these lenders can charge. Most lenders who make a loan will turn around and sell it to another bank or mortgage company.
Don't forget to check your credit unions.


You can also go to federal credit unions or military unions.


It seems like they carry the very best rates.





The realtor is making a referral commision. Don't trust the realtor too much. She does not have your best interest at heart.


Do all your applications in a 3 week window - I read somewhere that they will be lumped together and not affect your score.


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Get a lawyer to help with the mortgage and interest Right now interest is 4.75. The rate should be going down because of the economy