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Answers (4)
- Andrew Adams, "203K Specialist"
- Contributions:9349
DO NOT SHOP FOR A LOAN!
Shop for a loan officer/originator/broker banker or whatever you want to call them. The truth is that All of us essentially get the same rates and terms. The difference may be a result of what we charge for our services and like anything the cheapest is not always the best option. The general public has been trained to think getting a mortgage is like picking up a gallon a milk. Like it is a commodoty. It's not...The guidelines and the rate markets are as volatile as I have ever seen them in my 16 years experience. To ensure you end up with the best available financing you need to work with a loan officer that can manage the current market. Going with someone based on a GFE may end up costing you in the long run. The best Lo's are not always the cheapest, but are usually the most accurate!
Shop for a loan officer/originator/broker banker or whatever you want to call them. The truth is that All of us essentially get the same rates and terms. The difference may be a result of what we charge for our services and like anything the cheapest is not always the best option. The general public has been trained to think getting a mortgage is like picking up a gallon a milk. Like it is a commodoty. It's not...The guidelines and the rate markets are as volatile as I have ever seen them in my 16 years experience. To ensure you end up with the best available financing you need to work with a loan officer that can manage the current market. Going with someone based on a GFE may end up costing you in the long run. The best Lo's are not always the cheapest, but are usually the most accurate!
ibcrewin-
There was actually the same question a month ago try to check it out a couple of answers are useful on shopping for loans, just go to this link
.
There was actually the same question a month ago try to check it out a couple of answers are useful on shopping for loans, just go to this link
.
- ibcrewin
- Contributions:42
I see. So when I call up each company, I should ask for a good faith estimate off the bat?
- Naoma Doriguzzi, "Naoma Doriguzzi"
- Contributions:41
I would look at experience, closing turn times, and fees to compare. You are right FHA is pretty much the same as far as requirements however, the service is something that I would check out.
You can put a request here on Zillow
You can put a request here on Zillow
Loan Shopping. What do I ask?
How do I go about loan shopping? Can I just go around asking for Good Faith Estimates? I'm applying for a FHA 30yr loan so it's pretty vanilla, what should I be looking out for?
Thanks.
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