Mel: It sounds as if you are pre-approved. This doesn't mean much other than she has pulled your credit and taken what you told her as income. Until you do a full loan application(we call it a 1003), from which she can list your debts and assets she is not required to provide a good-faith-estimate(gfe). If you have done this then she is required to provide you a gfe and truth-in-lending(TIL). These will be estimates only since title company fees may vary and certain items may be paid by the seller. I do not know what has gone on between you and your broker; but, I suggest that you contact her and find out. If you are not happy then, shop with another local mortgage broker.

You need to be on top of her to make sure she is not waisting your time and money.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

Mel:
A mortgage broker should spend a considerable amount of time working with you. They should be able to determine what course of action they should take in providing you a loan. Simply getting the best rate is not always the best course of action no more than buying the cheapest house. Just as the house must meet your special needs a mortgage may well have to do the same.
In general you should get a good faith estimate and truth in lending disclosure. You can go to my website@
TimHunke.com to get some explanations and tips. I will and would caution you the the cheapest g.f.e. is not the final way to compare since if I under-estimate the closing costs and get the loan and then they are greater you will be very unhappy with me when you come to the closing table and have to bring more than you expect.
Inter view several lenders and try to work with the one that will spend some time with you and that you feel is being upfront you you in their dealings.
Good luck.

Mel,

By law, your lender or mortgage broker must provide you this Good Faith Estimate of Closing costs within three days of the date you applied for a mortgage. Not all of the fees listed may apply to your loan, and the dollar amounts listed for those which do are only estimates and may vary, depending upon the particulars of your loan.

Here are 10 questions, I recommend for you to ask, to make sure you get the best loan for your transaction.

1. Which Type of Loan is Best?

Reputable lenders will find out more about you before throwing out loan options. You wouldn't expect a doctor to suggest surgery before she assessed your medical situation, would you? Choose a lender who gathers enough information from you before she suggests a certain type of loan. Don't be afraid to ask a lender to explain the pros and cons about:
•Fixed-rate loans.
•Adjustable-rate loans.
•Interest-only loans.
•Negative-amortization loans.

2. What is the Interest Rate & Annual Percentage Rate

The annual percentage rate (APR) is derived by a complex calculation that includes the interest rate and all the other related lender fees divided by the loan's term. However, bear in mind that:
•Many lenders do not compute APR correctly.
•There is no way to accurately compute an APR rate for an adjustable loan.
•It does not account for early payoffs.
If your interest rate is adjustable, ask about its:
•Adjustment frequency
•Maximum annual adjustment
•Highest rate (Cap)
•Index
•Margin

3. What are the Discount Points and Origination Fees?

Each "point" is equal to 1 percent of the loan amount. Therefore, 2 points on a $100,000 loan cost $2,000.
•Sometimes lenders charge origination fees in addition to points.
•Points "buy down" the interest rate, meaning the more points you pay, the lower the interest rate.

4. What Are All the Costs?

All the costs of a loan include not only fees that go into the lender's pocket but also related third-party vendor fees such as:
•Appraisal
•Credit report
•Lender's title policy
•Pest inspection reports
•Escrow (where applicable)
•Recording fees
•Taxes

5. Will the Lender Guarantee the GFE?

According to the Real Estate Settlement and Procedures Act (RESPA), lenders have three days after you've applied for a loan to give you the Good Faith Estimate, containing all the costs of your loan. Points to consider:
•Since lenders are not required to guarantee GFEs, this document is worth about the cost of the paper on which it is printed.
•However, there is a lot of pressure on lenders by consumers to guarantee their GFEs.
•If your lender refuses to stand behind its estimate, go elsewhere.

6. Do You Offer Loan Rate Locks?

Interest rates fluctuate and change daily. If you have reason to believe that interest rates are moving up, you might want to lock your loan. Lenders typically charge zero to one point to lock a loan rate and points. Ask your lender:
•Do you charge a fee to lock my interest rate?
•Does the lock-in protect all the loan costs?
•For how long will you lock this rate?
•Will you give me the loan lock in writing?
The alternative is to pay the prevailing rate and points on the day your loan funds..

8. Are You Equipped to Approve Loans In-House?

Underwriters review loans and issue conditions before approving or rejecting a loan.
•Ask if a lender can handle its own underwriting.
•VA and FHA loans typically take longer to process, but some lenders meet government requirements to automatically approve or disapprove a loan without sending it to the VA or FHA.

9. How Much Time Do You Need to Fund?

Average loan processing time periods fall between 21 and 45 days. To properly write a purchase contract, you will need to include a closing date, and that date should be coordinated with your lender. Find out:
•What is your anticipated turnaround time?
•What obstacles could possibly hold up closing?
•How long after final application approval will the loan fund?

10. What is the Yield Spread Premium?

If your loan officer is receiving a yield spread premium (YSP), a commission paid directly by the lender to your representative, this fee will be disclosed on your settlement statement at closing. YSPs are a controversial matter because:
•Lenders say if borrowers are happy with the terms, the fact the loan officer receives a bonus is not relevant.
•Borrowers say if the loan officer did not receive a YSP bonus, the loan would have cost less.
•You should negotiate upfront; at closing is too late.

Hope you find this information helpful.

HAPPY HOUSE HUNTING,

Gavin St.Louis
Texas Managing Realtor
BuyersHouseRealty
"Showing You the Real Estate Rebate"

Hi Mel

It is always good to compare offers from three different lenders. You will want them to give you a good faith estimate, so you can see what all of your casts will be. Are you working with a Realtor? Once you have established a relationship with a Realtor, they can help walk you through all of this.

Pamela Peck
Keller Williams Realty
512-609-9877

The loan officer is required by law to send you a GFE within 3 days of application.
Call and get it.... If they balk, walk!!

Your mortgage broker should be showing you what is available, including any buy-down points, etc. Once you have found a home, they can lock you into an interest rate. You should ask the mortgage broker all of the questions you have, because this is how they make their commission, by getting your loan closed.