4 responses to “When should I shop for a mortgage ? Before or after contract signing?”

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  Help Is Here! March 2nd, 2011 at 14:30

  Joe

  I would look now!

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  knowitall March 4th, 2011 at 15:39

  Roy

  You need to get info from all you can since the minute your offer to purchase is accepted, time is of the essence. It takes time for them to get the appraisal and all the paper work, so do not take up valuable time shopping for loans.

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  Bob G March 6th, 2011 at 16:37

  Nicole

  An existing commitment from a lender gives you more leverage in negotiating purchase contracts. Get to a mortgage broker now, before you start shopping.

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  lightupthesky25 March 8th, 2011 at 21:22

  Eugene

  Your loan will not be processed until after you already have a signed contract. You are far better off shopping before you put in an offer for a home. This allows you to get an idea of what kind of rates you can get from various companies. Go to several companies and submit loan applications for pre-approval. Once you have your pre-approvals, pick the best one. Then shop for a home, make your offer, and you’ll be able to get to closing a lot faster.

  If you wait to shop mortgages until you’ve already made an offer, it will take a lot longer to close because you’ll have to go through all the income and employment verifications, etc (whereas if you’ve been pre-approved, those things have already been done). Some sellers may be okay with that, but others may not. By having a pre-approval from the company you know you’re going to use, the seller will know that the road to closing will be a lot smoother.