When Banks Compete you DONT win!
By Citizens Financial
(Citizens Financial Mortgage, Inc)
I need to vent....I am tired of people using Lending Tree to obtain a mortgage. Let me explain to you how it works. The idea is great but there is something borrowers do not understand. You submit an application and get four responses from four lenders within 24 hours. This means that your credit gets pulled four times in one day. Moreover, if you go with a broker, then your credit may be pulled one more time by the lender they use. That is 5 credit pulls. By the time your loan gets locked, your credit score has dropped. So lets say the underwriting guidelines required a 620 mid-fico score and you had a 632 when two days ago before your credit was pulled 5 times. Now, you choose to go with the broker, who chooses a lender that pulls credit before locking in your rate. Oops, your credit...