All to often, do I have a conversation with a new customer about what this “other company” quoted them on interest rates and closing costs. Sure, I would personally take 3.9% with no closing costs also…heck I might as well work for that company! The way I see it I should be a millionaire by the end of the year, since I’m going to beat every competitor in the nation with those interest rates and closing costs!

People, please do your homework! Don’t let your local bank or some small time mortgage company tell you they have the best interest rates and closing cost and then just believe him or her. Get their quote in writing! Especially, if you have never worked with this individual or have not been recommended by someone you trust. You should get yourself a second opinion and perhaps a third opinion, if this helps give you peace of mind.

Make sure the quote you get in writing is on the Good Faith Estimate (GFE). This will layout all costs for doing the loan. Any hidden fees or junk fees should be exposed on the GFE.  Make sure you hold onto this GFE and compare it to your final loan documents.  If there is a change in the costs, it needs to be explained for a good reason, otherwise don’t let the company try to charge you additional fees that were never disclosed up front.

This is something I see to many people not take the time to ask for the quote in writing.  Have them email it, fax it, or even mail it.  I know just about everyone has email and all mortgage companies should be happy to email the quote to you.  I know I would be happy to give you my quote in writing!

Don’t forget this small part of the mortgage process…it could save you a lot of money in the long run!

If you want me to look over your Good Faith Estimate, feel free to contact me.