Speak with a lender and get a Good Faith Estimate. You, or your agent, can then fax this good faith estimate around to multiple lenders to obtain their version of the same loan. When evaluating these it's important to have a agent or lender go over the costs that the title company charges verses the cost that the lender charges. The lender has no control over title company charges and may estimate high or low on these charges, thereby making the bottom line look better or worse, when in reality they are the same.
Look for items like table fees, funding fees, underwriting fees, credit report fees, and discount points. These are some of the fees paid directly to your lender.
RE/MAX Bryan-College Station
If you decide to pay points, and that is not usually a good idea, you are pre-paying interest. Be sure that you will be staying in this house long enough to make paying interest upfront a good idea for you. There is a break even point - years out in the loan -- where you would you have been better off with the higher interest rate before that date and better off having paid the discount points after that date. If you are working with a good mortgage broker, they should be able to calculate that for you.
One of your mortgage comparisons should be with Coldwell Banker Mortgage, which you can access by calling any Coldwell Banker Real Estate office. They are very competitive (in fact they will usually try to beat any other offer you have) and they have money to loan. Feel free to contact me if you have any other questions. Best regards,
To find the best deal on a mortgage I agree with Chris in that you speak with a few lenders and get Good Faith Estimates (GFE) from each that you may want to do business with. You can always get referrals from friends that have closed loans with them or Realtors. I wouldn't necessarily show the GFE's to each other so you have honest, fair estimates based on that particular lender. It will also depend on your credit - if you know that you have great credit, a low debt to income ratio you can pretty much pick and choose and you may want to speak with a bank or lender that knows you can go anywhere - keep in mind they'll know it and want the best loans because they are usually the easiest :) Now, if your credit is "spotty" a little and there might be an "issue" a Mortgage broker will probably be your best bet because they can "shop" the loan to many different lenders. Keep in mind, while you're doing all this to not be spending money or opening any cards or anything like that which may affect your credit adversely, your credit score is so very vital! Just in case the latter is your case (hopefully not), there is a book you may want to read called "Your Credit Score." I read it and it is an easy read packed full of information you can use to help correct/fix your scores. I hope this has helped!