Good Morning!
I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind…
1) Get a Good Faith Estimate (GFE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a GFE.
2) When looking at the GFE – focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.
3) Pay attention to the date on the GFE – or rate quote. The rate market changes daily. You have to compare apples to apples. …To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate – depending on when the quote was generated.
Have a good day today! …and thanks for reading.
Brett
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