NLIC.org

Matthew Said:

Mortgage from neighborhood bank or a mortgage broker?

We Answered:

As a licensed real estate agent I would recomend that you not do LendingTree. Too many nightmare stories.

But shop both the mortgage broker and the bank. Go with the one that has the best deal. And don't just look at the interest rate. Look at closing costs as well. A lot of junk fees get thrown in.

Leona Said:

When deciding to give a mortgage, do lenders take into consideration the popularity of an area?

We Answered:

If you are referring to the home itself it is subject to appraisal. As long as the lender is confident that the home is worth the amount that you are offering it should be fine. This appraisal is based on other homes in the area so outside areas will not effect this. In short if you are offering a price for a home that is in line with the others in the neighborhood then you will have no issue.

Some lenders have additional requirements such as wiring/structure/safety issues.

If you are talking about personally qualifying for a loan that's a different issue. But the home is not taken into consideration for personal qualification.

Rose Said:

How many days do I have to shop for a mortgage after my first pre-approval before my credit score goes down?

We Answered:

actually, credit inquiries are only grouped together in 14 day application periods, meaning you only have 2 weeks to apply at multiple lenders and have it count as 1 inquiry on your credit report.

if you spread applications to multiple lenders over 30 days, it will count as 2 inquiries.