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Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

Shopping around for a loan

How many lenders do you apply with for a pre-approval?  Should I shop around?  What do I look for when shopping around for a loan?  I know I have a 30 day windows for all those hard pull to be counted as one during that 30 day window for shopping for a loan.

Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Shopping around for a loan

Go to as many places as you feel you need to.  I only applied with one. You can post your GFE on here and others will be able to tell you if your getting a good deal or not.  Most will be very similar but some will charge higher fees.  A big thing is getting a LO who knows what they are doing.

Contributor
BreezyWe
Posts: 84
Registered: ‎02-26-2012

Re: Shopping around for a loan

we went with a mortgage banker vs broker, supposed to be better, check out van dyk mortgage to see if you have one if your area. thats who we are using!

Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

Re: Shopping around for a loan

Hi.  Can someone tell me if this is a good deal so far or should I shop around.

 

Loan amount of $300k at 4% fix for 30 year.  Estimated charges/prepaid is about $7k with zero point.  This is direct lender.

Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011

Re: Shopping around for a loan

Are they offering a Lender credit to assist withe closing costs?


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Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

Re: Shopping around for a loan

No.  No credit.

Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Shopping around for a loan


joestay wrote:

Hi.  Can someone tell me if this is a good deal so far or should I shop around.

 

Loan amount of $300k at 4% fix for 30 year.  Estimated charges/prepaid is about $7k with zero point.  This is direct lender.


Post the GFE so we can see the fee's.  Most lenders will be pretty close for the rate but the big differences are in the closing fee's.  I only applied with one as the rate and the fees were right on the mark. If the first or second seems high keep shopping around until you get a deal your satisfied with.

Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

Re: Shopping around for a loan

[ Edited ]

Origination charge is about $1k.  Title serivces (settlement) and lender's title insurance is about $2.2k.  Owner's title insurance is about $1.5k.  Gov recording, transfer tax is about $600.  Daily interest charge is about $600.  Homeowner insurnace is about $1.2k. 


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