Please see my blog with tips and advice on getting a mortgage in todays market.
Your best answer will come from a competing local lender. I'm licensed to do loans in WA, but not NJ, so I won't comment on whether these are normal or competitive terms. But when someone approaches me with a written GFE, on a specific date and I know the borrowerâ€™s credit score, I can quickly determine how well they line up with what I could offer. If they are already well in process and the rates and fees are competitive, I congratulate them for a good quote and encourage them to contact me if a problem develops. If I can substantially improve the terms, I provide an alternative quote based on the same days rates.
Best of luck.