I am about to reach out to a mortgage broker for some help and insight on the first steps of buying my first place. Is it ok to feel out several mortgage brokers, or is that perhaps not right or appropriate??

 

I checked out 3 of them to see who had the best rates without burying points into it and to generally see which I was most comfortable with.

I see nothing wrong with checking out more than one since you are making the biggest purchase of you life.

 

In my experiences, I've always come out ahead by going with a bank versus a broker. The points and/or hidden fees one realizes with a broker make it less attractive.

 

It's fine to shop a little up front. Just be aware that rates and terms change frequently. When you and the property are approved you can have your rate locked. If you are confortable on line, check Ditech (GMAC Mortgage), Lending Tree and/or Indymac, good luck.

 

That's been my experience too... I ended up with my local bank...

My sister had been working w/ a broker when she was thinking about buying a house, and the fees were twice what I paid...

But there are some decent brokers out there. Just make sure you get all costs/fees in writing before commiting to anything...

Check out bankrate.com and your local newpapers weekend real estate section for mortgage rates...

 

If your buying new/converted see if the builder has teamed up with a lender - they usually offer some sort of incentives + no points. Rate is on par with anyone else too.

 

I work for a mortgage lender/broker, if you have some questions I might be able to help you out.
Dan

Also, you can only lock your rates if it is a conforming loan, non-conforming you cannot lock in.