Asked by R01, Chicago, IL • Wed Jul 27, 2011
I'm buying a condo home for around $200K. I'm looking at 5/1 ARM with 10% down. I have really good credit: 790 FICO, $100K income, and low debt.
I received initial quotes from many brokers. I applied with the broker that my agent referred. He provided me a GFE with 3.25% rate (includes 0.25% condo surcharge), 0 points, $700 in lender fees. I have read that if your credit is good, you could get a much better rate with the bank directly.
My question is whether it would be a significant difference. I just don't want the hassle of dealing directly with a bank if the difference is minimal (like 10-15 basis points). If the difference is usually more, I could shop around.
I would appreciate any advise!
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