We are in the process of *hopefully* purchasing our first home. I understand everyone says to “shop around” for a mortgage lender, but I am confused on why.
In our area (as I am sure most areas these days), your offer will not be taken seriously if you are not pre-approved so that’s what we are going through now. When I spoke to a lender yesterday she made a comment around the rate “today” being 2.75, however, she can’t lock in a rate until we are under contract. I was under the impression the whole point of checking out different lenders was to get the best rate, but if we can’t “lock in” a rate, then what’s the point? Are you more just shopping around to see who has the lowest fees/ seems the best to work with?
Thank you in advance from a very confused first time home buyer!