Zillow Advice: Lenders - how far can I go before identifing a lender http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ Zillow Advice | Zillow Real Estate Personally, I would stick ... http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ Personally, I would stick with someone local.&nbsp; You can talk to 25 <a href="http://www.zillow.com/directory/lenders/">lenders</a> and get 25 different answers.<br/><br/>I always suggest to pick two or three, and then go with whomever you feel the most comfortable with after speaking with them.<br/><br/>Yes, we all do work hard for our business, so your candor is appreciated.<br/><br/>Best of Luck.....rates are very erratic so consider locking once you have made a decision. Fri, 05 Jun 2009 20:13:00 GMT http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ 2009-06-05T20:13:00Z closing and title insurance ... http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ closing and <a href="http://www.zillow.com/mortgage-glossary/Title-Insurance/">title insurance</a> would depend on the settlement agent you choose, not on the <a href="http://www.zillow.com/directory/lenders/">lender</a> you choose. Fri, 05 Jun 2009 20:02:00 GMT http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ 2009-06-05T20:02:00Z smarkma,You need to make ... http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ smarkma,<br/><br/>You need to make sure that you are getting the lowest overall cost of borrowing, not just the best GFE.<br/><br/>Some items to consider:<br/><br/>*&nbsp; How long do you plan on being in this house<br/><br/>*&nbsp; How long before you need to refinance again (lower rate, cash out for home improvement, debt consilidation, start college savings account, etc.)<br/><br/>The typical <a href="http://www.zillow.com/mortgage/">mortgage</a> is refinanced every 3 - 5 years, and the typical homeowner moves every 5 -7 years.<br/><br/>Make sure to compare just the closing costs, and not the pre-paids.&nbsp; You need to do this to ensure that if you are dealing with an unexperienced <a href="http://www.zillow.com/mortgage/">loan</a> officer they don't list a smaller amount than necessary in your escrow account.&nbsp; So, don't compare:<br/><br/>*&nbsp; Tax reserve<br/>*&nbsp; <a href="http://www.zillow.com/mortgage-glossary/Homeowner%27s-Insurance/">Homeowner's Insurance</a> Reserve<br/>*&nbsp; Aggregate Escrow<br/>* Odd Days interest<br/><br/>The first three will be the same, the last would only be different, based on the interest rate.<br/><br/>So, what does that leave to compare:<br/><br/>* Loan Origination<br/>*&nbsp;Loan Discount<br/>* Broker Fee<br/>*&nbsp;Processing Fee<br/>* Underwriting Fee<br/>*&nbsp;Application Fee<br/>* Admin Fee<br/>* Closing<br/>* Title Insurance<br/><br/>Ask each if they are willing to guarantee that they will come in at or below the quoted Good Faith Estimate.<br/><br/>Choose the best one for your situation and move forward.&nbsp; Most lenders will not lock your loan in until they have taken a full application and sometimes even ordered an appraisal.<br/><br/>[self-promotional post, removed by moderator]<br/> Fri, 05 Jun 2009 19:23:00 GMT http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ 2009-06-05T19:23:00Z At some point you will need ... http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ At some point you will need to place the <a href="http://www.zillow.com/mortgage/">loan</a> in process and have an appraisal ordered.&nbsp; Yoiu should choose a <a href="http://www.zillow.com/directory/lenders/">lender</a> prior to having an appraisal ordered.&nbsp; <br/><br/>Be careful making your decision solely on the merits of a GFE.&nbsp; They are only as acccurate as the LO makes them.&nbsp; It is not un heard of for an LO to make the GFE look great in order to earn your business, only to have things change down the road.&nbsp; Choose the Loan officer you are most comfortable with not the GFE that's the lowest.&nbsp; IF they are telling you everything you want to hear odds are they are not the one you should deal with! Fri, 05 Jun 2009 19:17:00 GMT http://www.zillow.com/advice-thread/how-far-can-I-go-before-identifing-a-lender/243010/ 2009-06-05T19:17:00Z