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1) Get AT LEAST one local good faith estimate from either your bank or a credit union or someone. That way, you'll have a real person explain everything to you, and to top it off, you'll feel much better about the loan you end up going with, because you see what else is out there.
2) Get good faith estimates, and make sure they are for a 60 day lock (or if you're closeing sooner tell them that). Some guys will quote you a 30 day lock which will be less that he'll actually charge you because there's less risk for a mortgage company if they only need to guarantee that rates wont change for one month instead of two. Essentially, just make sure you're comparing apples to apples. You could make the wrong decision if you throw an orange in there.
3) Get GOOD FAITH ESTIMATES. This is the easiest tool for comparisons and it's what they'll probably give you anyway. I had them fax them all to me using a free service that works through my email. It's called eFax . The bad part is that you have to pay to SEND faxes, but it's FREE to recieve them. I put my eFax number on my business card. I love the convience and the price. After I'd get the faxes I'd print them out and...
4) Make a spreadsheet comparing lenders.
Here are the ones I made:
Mortgage Worksheet (rates)
Mortgage Worksheet (closing costs)
Good Faith Estimates are great because they have numeric codes for all the expences (like
809 - Flood Determination fees
803 - Appraisal Fee
That way you can really see who's charging what. Keep in mind, most of the fees are the same regardless of lender (like attorney's fees and appraisal)
Notice too that I didn't include rates really in my comparison. I figure all that matters to me is what comes out of my pocket upfront and what comes out each month. The rest is garbage. Keep in mind points and rates effect my two variables, but they don't really matter to me. That's my own theory though.
I hope this page helps. Keep in mind that I'm no expert. I did go to business school, but not for finance. I'm just a guy who went through the process, learned a few things and likes to build web pages.
Also...
to use LendingTree.com please click here:
re: eFax, Someone got a hold of my number and now I get all the junk faxes intended for south florida for some reason. It really stinks.
They used to pay me $.01 - $.1 for each person I send their way. You shrewd visitors are probably thinking "Isn't that a conflict of interest? Probably. To you I'm a bunch of electrons. But the advice is free and I hope it helps.
Other sites of interest:
A different Mortgage worksheet
Homebuyer library
Kipplinger's home advice. I learned a lot here.
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