Buying or Selling a Home/Mortgage Lender question?


Good morning, Ms. Hisert! You might remember I asked you some questions a few days ago about mortgage lending and home buying. I have another question, if you don't mind.

Should I get preapproved for a mortgage from multiple lenders? Do you think that is a smart choice? I don't want them thinking I am not serious but I want to compare options as well.

Hello again, Susan.

Your original question is fresh in my mind, no worries. I do believe you should get multiple quotes. There are a couple of tools you can use in order to compare 'apples to apples'.

Make a list of the questions you would like answered. Examples: If I work with you, what is your method and frequency of communication? Are you the only person I will be talking with? Will the homes/s need to be in my name as well as my granddaughters'? Is it possible to hold the homes in a trust? Is this a good idea? Then take written notes of the answers each agent gave you -- including how long it took them to get back to you, if you had to leave a message the first time, and how you 'felt' when they were speaking to you. These relationship queries may seem odd right now. But, there may become sticking points in the loan process that having a solid communication base will make the difference on whether or not the transaction runs smoothly.

The second tool is provided by law and was recently updated to accommodate ease of price comparisons between lenders. When you apply for a loan each lender will be required to provide terms, conditions, fees, and closing costs to you -in writing- within 3 days of your application. These line items will be resubmitted to you no later than 3 days prior to close of escrow for your approval -and- to ensure they are within mandated variance levels.

After discovering which lender has the product you are looking for, your biggest concern will most likely be the interest rate. It is important to keep in mind that interest rates vary not only each day, but, it is not unusual for them to change throughout the day as well. Lenders these days have VERY competitive pricing. What you'll be looking for is an agent willing to work with you to explain how 'no closing' costs can actually hurt your interest rate, their m.o. on when to 'lock' a loan's rate, and the cost of changing that rate should there be a dramatic change of rate during your escrow period.

Comparison is a good idea. And, when done over a short period of time, say 30 days, should not effect your credit score as it is assumed FICO takes the comparison process into consideration in their algorithm.

Happy hunting!

Buying or Selling a Home

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Kathryn Hisert; Realtor


Everyone deserves an answer! My rounded background will provide you with information beyond ‘just’ buying and selling. I can answer questions regarding short sales, foreclosures, deed-in-lieu, home staging, vintage home related concerns, most mortgage related questions, and divorcing couples’ housing options. I am a research oriented individual who strongly believes in connecting all the dots and providing as much, or as little, information and communication my clients want or need. My expertise is in San Diego and Santa Clara Counties.


After 25+ years in the Financial industry, Sales and Marketing, I came to the real estate industry as a mortgage loan agent. From 2002 to 2010 I was my clients' Realtor and loan agent. Since 06/10 I have been strictly a Realtor.

N. San Diego County Assoc. of Realtors California Assoc. of Realtors National Association of Realtors

CDPE (Certified Distressed Property Expert) CREDS (Certified Real Estate Divorce Specialist)

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