Accurate Loan Comparison

When you want to buy a brown pair of size 12 Brand “X” dress shoes, you can easily drive around, call around or look on the internet for the best price.  You don’t really care who is selling it, as long as the price is good and you can get the shoe rather easily.

When it comes to home mortgages, life is not as simple. First of all, MOST lenders DON’T really want you to compare their rates and fees and service to others. Therefore, they make the process vague and their information ambiguous initially.  Comparing a variety of lenders over the phone is almost impossible!

Loan Factors

Credit score, income, time on the job, married or single or divorced, loan to value, loan amount, loan program, closing fees, lender credits, seller concessions, loan type, length of lock, impounds or not, fixed or ARM, government or conventional or non-conforming, first time buyer or repeat, condo or single family, owner occupied/investment or 2nd home, purchase or refinance or reverse, and even the market timing  of the day can ALL change or alter your quote. Imagine trying to properly convey all those scenarios to 3 or 4 prospective lenders while trying to get an accurate loan quote! Nearly impossible.

• First and foremost, get a referral or two. Who does your Realtor suggest?  Does your financial advisor have a referral? Which of your friends or family members had a recent good experience with the lending process? Who has a good reputation in your area?
• Second, understand YOUR specific borrowing scenario. Just because your friend got a 4% rate, does not mean you cannot do better or worse. Know the loan factors that apply to you.
• Third, get numbers in writing!  BY LAW a lender who takes a full application from you is required to provide you a good faith estimate (GFE) and truth in lending (TIL) document within 3 days. Understand that if your loan is not locked, it is just an estimate and subject to change.
• Fourth, compare lenders on the SAME day and within a few hour window,  if possible. Rates move daily and sometimes many times within the same day. If you want a true comparison, keep them all in a similar time frame.
• Fifth, ask questions.  Can I obtain a lower rate? How can I reduce the fees?  Is my credit score negatively affecting my quote? If I put down more money does that change my quote?
• Finally,  rate is NOT the only key component to a good loan. Sure, we all want to pay as little as possible, but If you have a very short escrow period and your lender cannot meet your needs, then a great rate may not mean anything if you lose the deal!  Service, advice, professionalism and a comfortable loan process can mean the world of difference to you.  Most of the loan agents here at Comstock mortgage have been in the business for over a decade or more. We have that understanding of what is important to you AND can deliver great market rates and fees.

Thank you for your consideration!