Expert: Lori Frankfort - 1/14/2008

Question
I am in Northern CA, I'm just looking for information, hoping you can help me with deciding which bank to go with.  I will have a co-signer with execellent credit, before going bank to bank, I was wondering if you knew who has the best deal for 1st time buyers.
Thanks

Answer
You should check out Countrywide first, and tell the person you are working with that you want copies of your credit reports and middle score so you can use it to shop other banks.  Check with at least 3 mortgage brokers, but DO NOT allow them to run your credit.  Use the credit report from the first to shop the others.  I heard of a Buyer that had his credit run 12 times and it lowered his FICO 60 points - and he no longer qualified for a loan.

Shop them against each other, as if you were buying a car.

Best of luck,
Lori