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Answers (7)

- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Most people do. That's why you see so many unhappy folks posing their problems to us on mortgage advice.

- Patrick Nolan, "Bucks County Banker"
- Contributions:239
My two cents would be to select the lender with good reviews of closed loans that is closest to the best combination of rate and fees. You may pay a couple of dollars more, but you are also doing business with someone who has demonstrated repeatedly to other Zillow clients that they deliver exactly what they said they would, when they said they would, at the costs that were quoted.
There are some very competitive rate / fee quotes from reputable lenders on Zillow everyday, so should be fairly easy for you to find someone that fits the bill of fair deal and coming from someone who will deliver it that you can have confidence in.
There are some very competitive rate / fee quotes from reputable lenders on Zillow everyday, so should be fairly easy for you to find someone that fits the bill of fair deal and coming from someone who will deliver it that you can have confidence in.

- Larry Jacobson, "Clearpoint"
- Contributions:1214
Unfortunately a quote is just a quote. It may or not be reality, it may fall apart at closing, or it may be just fine, but realize a quote without knowing everything about your particular loan scenario is not worth a thing.

- Doug Hutchins, "90 day rate locks"
- Contributions:721
Do you drive across town to fill up on the cheapest gas?
Do you buy all your clothing at the Salvation Army store?
Do you purchase day-old bread at the bakery?
Do you trust the cheapest mechanic?
Do you ask your dentist "how much" before he relieves you of a painful toothache?
Do you understand that "cheapest" does not mean "lowest cost"
Find someone you trust who offers competitive rates and fees...don't try to save nickels and dimes.
Some mortgage companies have no other way of attracting business other than offering the "best deal"...usually they hit you at closing with something unexpected. And Yes...it happens all the time to people just like you who were only concerned with getting the lowest deal.
Do you buy all your clothing at the Salvation Army store?
Do you purchase day-old bread at the bakery?
Do you trust the cheapest mechanic?
Do you ask your dentist "how much" before he relieves you of a painful toothache?
Do you understand that "cheapest" does not mean "lowest cost"
Find someone you trust who offers competitive rates and fees...don't try to save nickels and dimes.
Some mortgage companies have no other way of attracting business other than offering the "best deal"...usually they hit you at closing with something unexpected. And Yes...it happens all the time to people just like you who were only concerned with getting the lowest deal.
For the same reason you would not buy the car with the lowest cost ... it could blow up on you.
Anyone can quote a low rate, rate is not what closing a loan is about. You are hiring someone to close a loan, answer the phone, problem solve, understand guidelines, etc, not quote a rate. Base your decision on how well they do that!
Anyone can quote a low rate, rate is not what closing a loan is about. You are hiring someone to close a loan, answer the phone, problem solve, understand guidelines, etc, not quote a rate. Base your decision on how well they do that!

- Chris Jones, "Christopher Jones"
- Contributions:135
I can think of several reasons, but they all come down to this:
if you were remodeling your bathroom, would you always take the lowest bid?
This is a lot more important decision than that.
if you were remodeling your bathroom, would you always take the lowest bid?
This is a lot more important decision than that.



When selecting a lender why would I not go with the one with the lowest rate and lowest costs?
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