Question by Kev: How can I shop for best mortgage rate without paying the application fee each time?
I’ve looked at different mortgage rates on the internet and newspaper. But these rates are generally just a range and not specific to a credit score. My credit score is OK, and I expect my rate would probably would fall somewhere between the high and low rate usually listed.
I tried to see what my rate would be at my bank, but they were charging an application fee of 100 dollars. Will that be the case each time? I’d like to “shop” around before I actually have to pay any fee. Thanks!
Best answer:
Answer by William
You can “shop around” all you want, but no quote will be binding at all until you have a signed purchase contract for a house, apply for the actual loan and lock in a final rate. Rates fluctuate on a daily basis.
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