To make an educated, apples-to-apples comparison on home loans we suggest using the following tips:
1. Always use a local lender. Seriously. Being able to sit down to explain or work hand-in-hand with a real person is invaluable during this key moment in your financial life. I’d even go so far as to say that here in the Casper area, having a non-local prequel can lead to nerves on an offer before a deal is even done. This is because many online mortgage companies make it easy to prequalify but pull their endorsement before the deal closes with little repercussion. Make sure you are dealing with a local lender.
2. Understand Estimates. A couple hundred dollar difference in bottom line fees on an estimate is meaningless because of the variations in how lenders calculate costs. All estimates within a couple hundred dollars either way should be considered equal when lender comparison shopping.
3. Don’t fall for fluff. Experience counts not sales pitches. You want someone who actually cares… Read More