By Jason L Esposito. Senior Loan Officer.
- Do not get quotes on different days. Rates are time sensitive and can actually change periodically during the day. Mortgage Rates are affected by the news of the day similar to stocks, so it is important to receive all quotes in a timely manner.
- Not confirming if the rate lock can be guaranteed through your expected closing date. The costs associated with a rate increase the longer the rate needs to be guaranteed. Many online quotes are based at floating your rate, which puts you at the mercy of the day to day rate fluctuations
- Thinking that an accurate quote can be generated with limited information. There are many factors that affect the rate you qualify for, so you should have a thorough discussion with your loan officer (or multiple loan officers) to make sure you are receiving an accurate estimate.
- Not verifying if the title and escrow fees accurate. The title fees are determined by the title company and these can be shopped by you. If you are receiving a quote from your loan officer, find out if they are exact or an estimate. Many loan officers underestimate the cost to escrow for taxes and insurance, these will be almost identical with any lender as they are regulated. So you can almost disregard these costs when shopping for your loan.
- Trying to limit your conversation with one or two loan officers. Your home is almost always the largest single investment most individuals make. Take the time to talk with a few loan officers, you may discover additional options that may help you save money.
About the
author:
Jason L
Esposito is a licensed mortgage loan officer (NMLS #308764) with over 18 years
of experience financing residential properties. PH# 561-245-2229
