What's the appropriate etiquette when working with mortgage broker and also getting quote from your bank? Do you tell both that you're pursuing the other option?

The main goal here is to get the best rate you can get. I wouldn't worry about offending either of these people. They wouldn't hesitate to take you for as much as they can.

etiquette and brokers....two words i would not put in the same sentence but i give you credit for thinking it.

It is smart to do so. In fact, the broker at my bank told me to get quotes from another bank and that he could use those numbers to convince his manager to get me a better rate.

I even told the mortgage broker the other rates I was getting .I ended up with a 4.875 jumbo

The vary act of looking up your credit will lower your credit while mortgage hunting if done a lot.

Yes, get multiple quotes. This is standard practice and mortgage brokers expect this. Don't forget to get a clear picture of closing costs. Rates may be comparable from bank to bank but closing costs can vary drastically.

i'm with JuiceMan on closing costs. ask for a GFE, Good Faith Estimate, from anyone who provides you info. you'll be surprised at how they can differ.

call plenty of banks directly to check their rates--and also call the bank represented by the mortgage broker to insure the terms are the same or better when dealing through the broker

etiquette schmediquette...advocate aggressively for yoourself or get ripped off...welcome to 2009

@lisa_asil: For a mortgage, credit inquiries only count as one inquiry on your credit score, if done within a certain amount of time. (I forget what that amount of time is -- does anyone remember?) So whether you shop around a lot or a little, it's all the same with respect to your credit score.

i think i just read that it's within 30 days, all mortgage inquiries count as one. also, the mortgage inquiry takes just a few points of your score (2-6 i've heard). a car purchase inquiry is 15-30 points, now that bites.

Clear, honest and, above board...in RE...how refreshing.

Agree with much of the above, and I'll add that it's not uncommon to get several GFEs from the same broker, so you should always check to make sure the terms are still favorable.

michele1045 - Great rate you got there. Can you share the broker info? Did you buy points?
Thanks.