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How to "Shop" Loans and Lenders Part 3 of 7 (Same Facts)
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE way to shop for a loan. Click each link for more information on each topic:
Shop the lenders on the same day and at the same time Make sure all the lenders have the same facts in order to make an apples-to-apples comparison These facts include: Same Purchase Price Same Down Payment (And therefore the same Loan Amount) Same Loan Type (FHA, VA, Conventional, Other) Same Loan Term (30 Year, 15 Year, other) Same "Points" (We usually recommend having them all quote you with "No Points") Length of the "Lock" (30-45 days is standard. Sometimes you can get a better ... more

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