4. Social Security (THE BIG ONE)
5. Amount Sought
6. Estimated Value
If a mortgage lender provides an estimate of costs and/or an interest rate with any of the items missing, then it is presumed the lender does in fact have the information.
Interest rates are based in part on credit scores and credit history. That's why they need a mortgage application and pull your credit before they can give you an accurate GFE and interest rate.
Also bear in mind that interest rates change daily - sometimes as much as 3 - 4 times a day - or more! When you talk to one lender in the morning, the rates could have changed 5 times before you talk to another lender the following afternoon.
It's always best to compare rates and fees by contacting each lender in as short a time period as possible.
to answer your last question, you are not bound to a particular lender when you apply. It is your right to shop to find the lender that you feel most comfortable working with. I would be more than happy to put together a closing cost estimate for your review, check out my blog for my contact info and my rate chart
Best of luck!
Long & Foster Realtors
If you'd like an estimate to compare to the others you've received let me know and I can email one to you.
Give me a call or email me if you have further questions. I am here to help is any way I can.
I also live in Frederick MD, so, I am very familiar with your area!
Home Savings of America
443-343-0400 x 150
Good luck and hope this helps. It really depends on the loan officer. Rates are all pretty much the same BUT they do differ from lender to lender. I think you need to make sure it's an honest comparison. Apples to apples as they say. VERY often they aren't a fair quote, like most of the net quotes you see. They can be very misleading and confusing. FHA is pretty straight forward as long as the lenders know your loan amount and credit score they should be able to quote you an accurate rate. Whether they will quote you and accurate rate and a realistic time frame is a different story. Is it with or without points etc? You can certainly take back to lender A what lender B gave you. You just have to know with whom you are dealing. One piece of advice I recommend is to google the loan officers name and see what comes up. And the lender as well. And use someone local in most cases. Lastly when they quote a rate ask them how long is the rate good. 15 days, 30 days, 45 days etc. When they send you a cost breakdown ask them if it's binding and ask them "is there anything else that I have to pay for this loan"? If they put you off or start talking in circles run away. I'm happy to compare as well if you like. My question is why FHA? Have they reviewed all options with you? Hope this helps let me know if you need more.
Lenders vary in the loan programs they offer. You are always wise to consult with several lenders. At this point, it does not sound like you are making a mortgage application.
Be happy to share with you the lenders I recommend for my clients, most here in Frederick, or answer any questions if you are not signed with a buyer's agent.
Give me a call or drop me an email.
You should not have to make an application with multiple lenders. But you will want to know your credit score (tri-merge) and your income and expenses. If you provide a lender with accurate information they can provide you with a cost analyis. A government mandated form that outlines all of their fees. The lowest interest rate is not always the winner. And most certainly you can shop rates and present them to the lender you would like to work with to see if he/she will match that.
Hope to hear from you soon.
Christy Fear 301-474-4242 x1286