The Best Loan Officer Isn't Necessarily The Cheapest
If you are shopping for a loan officer for your Oakland County MI home purchase, you need to get a good faith estimate and have him/her go over the figures with you. If you get good faith estimates from more than one loan officer and one of them is much cheaper than the others, you need to ask why. In fact at that point you may want to bring all your good faith estimates to your buyer's agent and get a second opinion, because there shouldn't be a major difference in prices.
If you have two good faith estimates and they're fairly close, don't choose your loan officer solely on the costs. Sometimes going on the cheap can cost you more in the long run. We recently had a buyer choose to go with her credit union loan officer instead of our preferred lender and it cost her $50/day for each day we went past the to close by date. We went 2 weeks past the to close by date in the purchase agreement- or $700.
Another buyer who recently went with the cheapest lender ended up paying for a second appraisal and the time spent in appraisal review caused the buyer to have to pay for a rate lock extension and for me, his agent, to have to beg an extension from the seller. Thankfully the seller was a live human being- not a bank or a short sale.
Both of these buyers saved a few hundred dollars- until the problems started. It not only cost these buyers more in money, but the cost in headaches, stomach aches and stress in general was- priceless.
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