There are so many mortgage lenders, how do I find the best rate without messing up my credit rating?

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800+ credit rating,

San Diego, California

10-15% down payment

Need approximately $200,000 loan to purchase my first home or condo

As you can see, I have an excellent credit rating that I am very proud of. I have been told that up to 4 mortgage lenders can look at my credit before it starts to negatively affect my rating. My question is: how in the world can I find the very best rate available to me when there are hundreds of lenders out there but I can only ask a handful for pre-approval before my credit rating starts going down. I'm familiar with sites like Bankrate.com, but I've been told that the listings on those sites are paid advertisements and that the rates listed are often impossible to get in real life. Can anyone help with suggestions for how to narrow down the hundreds to maybe 10 or so that I can take a closer look at?

There are so many mortgage lenders, how do I find the best rate without messing up my credit rating?

The FICO scoring process "thinks" you are desperate for money if you apply for too many loans.

There may be a lot of lenders, but there are not that many worth considering.

The big national lenders are # 1 Countrywide Financial and # 2 Indymac Bank. Both of these companies have sub-prime problems. I suggest you avoid these. Their rates will be higher when other people won鈥檛 buy their mortgages.

Bank of America, Wells Fargo and Wachovia Bank are good ones.

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There are so many mortgage lenders, how do I find the best rate without messing up my credit rating?

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