If you want to get the lowest rate and fees on a mortgage then you have to understand how the game is played:
1) Mortgage rates change daily and sometimes several times a day. To learn more click here.
2) Every loan has fees. Third party vendors want to be paid for their services. Loan officers and their company want to be paid for their services. You will always pay for these services so the question is how? A higher rate = less fees. A lower rate = higher fees. You will not get the best rate paying no fees - if you think you have then you have been duped.
Now that you are armed with the facts, this is how to get the lowest rate and fees on a mortgage:
A) Ask the loan officer how much do you need to make on my loan? Ask what service will be provided and then both should agree on a figure.
B) What will the lender charge in fees? (They all have them and I can prove it)
C) Are you a direct lender, correspondent or a broker? Brokers must credit all lender rebates back to the customer. Direct lenders and correspondent lenders do not have to disclose any lender rebates. Keep this in mind when choosing a loan officer.
Following these simple directions will make shopping for the lowest rate and fees on a mortgage less stressful.
First Priority Financial is licensed by the California DRE # 654852 Nevin's California DRE license 016552
The opinions expressed in this blog are not necessarily those of First Priority Financial.
3700 Hillborn Rd #700, Fairfield, California 94534. This is not a guarantee to lend. * Not a licensed branch.