Rate Shopping Guide...

Good Morning!


I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.

If you're rate shopping for a mortgage - here are some guidelines for you to keep in mind...

1) Get a Good Faith Estimate (GFE). There's always a relationship between fees / points / and rate. ...You won't know what that relationship is unless you look at a GFE.

2) When looking at the GFE - focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.

3) Pay attention to the date on the GFE - or rate quote. The rate market changes daily. You have to compare apples to apples. ...To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate - depending on when the quote was generated.

Have a good day today! ...and thanks for reading.


Brett