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What is a good basis for comparison when shopping for mortgage rates?

I'm shopping around for rates on a 15-year conventional loan but I was wondering if there was something online that I could compare my offers to, just to get a sense of what is available by JLannister from Cornelia, Georgia. Jan 28th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

You can shop online, however, your best bet is to actually pick up the phone and talk to several mortgage brokers and give them your complete loan scenario.. The more info they have the more accurate the quote will be... but shopping online will result in a lot of frustration.. I also recommend you use a LOCAL mortgage BROKER.. Not the big banks, and not one of those "Nationwide Lenders", or "Internet Lenders".. Dealing with someone local, they'll be familiar with local customs and intricacies associated with loans in your area.. Making your transaction going much smoother.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 28th 2013
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Matt Pollina (matt@smartmtgs.net)
#57 ranked lender in Illinois - 40 contributions

There are many different options. You can use Lender411 and use the 'get quotes' option. This will send your information to several lenders that are licensed in your state. When getting quotes, the more information the prospective lender has, the more accurate quote you will receive. Be wary of someone who just quotes you a rate over the phone. The chances of you actually getting that rate are slim. I would ask for something in writing that breaks down the loan amount, fees, credits, payments, etc...

Jan 28th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

If you're handy with Microsoft Excel, I would put a spreadsheet together and compare the offers. Make sure you provide all the information that the loan officer requests. Gather all of the details from each lender - make them break down each closing cost. After you make the comparison, pick two and ask the loan officer for client referrals. It's one thing to get a good quote, but completely another thing to find someone who can actually get it done for you.

Jan 28th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,240 contributions

Most sites online will give you the average national rates, but every state is a little different so lender 411 will give you rates by state. When comparing, make sure you consider all lender fees for each lender along with the rate. Some lenders charge application fees, commitment fees, lock in fees, processing fees, administration fees as well as origination fees or points. The level of service is important as well. I would recommend contacting at least two mortgage pros after you see what your research of rates tells you. Then based on those conversations choose one , or if you didn't like either call another until you feel comfortable with the level of experience and rate. Remember a mortgage pro can't confirm the actual rate until they run your credit and analyze your income and assets to determine your debt to income ratio.

Jan 28th 2013
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Ignacio L Taboada (itaboada)
#49 ranked lender in Georgia - 23 contributions

You can check oru web site at https://pgmrtg.mortgagewebcenter.com/CheckRates/SearchCriteria.asp?PID=22

Jan 28th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

The two things you want to compare are rates and fees. Do not include the escrow reserves in the fees - just lender fees, title, appraisal, etc. Many times you can have a low rate but high fees OR you might have a higher rate with lower fees. The spreadsheet mentioned below is a good idea to compare. Good luck.

Jan 28th 2013
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Ryan Romero (REFIryan)
#455 ranked lender in California - 26 contributions

Shopping online is pretty dangerous case of the biggest liar... If you are looking for rate shopping. Work with 2 people local and let them compete for your business.

Jan 28th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Compare rates and fees. call several local loan officers to help you.

Jan 28th 2013
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Steve Azarch (sazarch)
#19 ranked lender in Tennessee - 93 contributions

Like several people have told you is to look at the fees and rates and also be sure to talk to the loan officer to see if you feel that person is the right person to do your loan and take care of you.

Jan 28th 2013
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Andrew Alfonso (CashCow)
#45 ranked lender in Florida - 271 contributions

You can shop online, however, your best bet is to actually pick up the phone and talk to several mortgage brokers and give them your complete loan scenario.. The more info they have the more accurate the quote will be... but shopping online will result in a lot of frustration.. I also recommend you use a LOCAL mortgage BROKER.. Not the big banks, and not one of those "Nationwide Lenders", or "Internet Lenders".. Dealing with someone local, they'll be familiar with local customs and intricacies associated with loans in your area.. Making your transaction going much smoother.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. Andrew Alfonso @ 800 813 3291

Jan 28th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You should get your rate quotes and LENDER fee estimates on the same day to make sure the market conditions are the same from one lender to another. In addition, you should get your OWN quote for third party title so that these thrid party charges are NOT included in the fee estimates you are comparing. doing this will allow you to find the best rate with the lowest lender fees.

Jan 28th 2013
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