Interest Rate Shopping can be dangerous! It shouldn't affect your credit score if done within 30-60 days. But: be careful
It is a fascinating world of mortgages. I find that you need to be an accountant to be able to compare the figures and loan costs between lenders. They can quote a great rate but then have huge back end fees that are amazing. Then they try to justify by saying they are normal. NOT!
Many of these banks with foreclosures are asking the buyer to be pre-qualified thru their lender or in the case of Countrywide (themselves). I actually had an agent ask my buyer to fill in their social security numbers on a form that I was to fax to her and she in turn would fax to the lender.
#1. I do not want their social security numbers in my office. (I have shredded the form)
#2. I asked the other agent to do the same. I asked what kind of security they had in place for this form with this kind of sensitive information. She said she locked the door when they leave. I asked to please black out their SS numbers that once they sent it to the bank they had no more need of this.
#3. Be careful for the curve balls being thrown at us by these lenders dealing with foreclosures. They are putting my customers at risk.
If you are out to shop for mortgage money, PLEASE talk to me. I can help save you money.