There are various sections on a Good Faith Estimate that you need to compare in order to find out where to get the best deal.
Lender Fees: The top of the good faith estimate will show what the lender fees are: This is where points, processing, underwriting, the appraisal, admin fees, and any other lender fees will show up. This is a good start to compare lenders. You should compare lender fees for quotes of the same rate to get an accurate proposal.
Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.
If you really want to dig and get the best deal sometimes you can capture savings by choosing a lender that works a tiel and escrow company and has bulk rates for all the services including title, escrow, loan signing fee, and the major endorsements.
When the third party fees are all coming from the same company lenders are able to negotiate better deals for their clients. When title, escrow, and notary are all coming from the same place the company is able to get a little more aggressive with each piece.
The total fees on your transaction should be your main concern. A lender that has gone the extra mile to deliver third party fees that are cheaper has you in mind.
Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.
Trust: A good faith estimate is only as good as the company who sends it to you. Far too often unscrupulous people will be less than honest in order to win business. Make sure you look into the company and learn about how they operate. Do they post their rates for you to see online so you know their rates upfront? Make sure you have at least been able to get some mortgage information on their website so you can feel comfortable working with them.
The more informed you are the easier your loan process will go. - 16089
Lender Fees: The top of the good faith estimate will show what the lender fees are: This is where points, processing, underwriting, the appraisal, admin fees, and any other lender fees will show up. This is a good start to compare lenders. You should compare lender fees for quotes of the same rate to get an accurate proposal.
Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.
If you really want to dig and get the best deal sometimes you can capture savings by choosing a lender that works a tiel and escrow company and has bulk rates for all the services including title, escrow, loan signing fee, and the major endorsements.
When the third party fees are all coming from the same company lenders are able to negotiate better deals for their clients. When title, escrow, and notary are all coming from the same place the company is able to get a little more aggressive with each piece.
The total fees on your transaction should be your main concern. A lender that has gone the extra mile to deliver third party fees that are cheaper has you in mind.
Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.
Trust: A good faith estimate is only as good as the company who sends it to you. Far too often unscrupulous people will be less than honest in order to win business. Make sure you look into the company and learn about how they operate. Do they post their rates for you to see online so you know their rates upfront? Make sure you have at least been able to get some mortgage information on their website so you can feel comfortable working with them.
The more informed you are the easier your loan process will go. - 16089
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Before committing to a mortgage company visit this site to compare mortgage rates and request a good faith estimate.
