The Educated Rate Shopper

There are basically three types of borrowers:

1) The “how much money do we need

15 thoughts on “The Educated Rate Shopper

  1. Great article. I will add that another way to detect these artificial rates is to consider how much information that broker asked you for quoteing you a rate. If they don’t understand your income, credit, or property details, the rate is nothing more than an educated guess.

  2. When you call for rates before you have a contract, the quote is simply informational. Best to select your lender ASAP after the offer is signed around. Tell the lender you have a signed contract going into escrow and you are planning to select a lender today and lock the rate. Get a written confirmation of the rate and the lock expiration date.

    Many think locks are automatically 30, 60, or 90 day locks, when in fact, a loan rep can lock for a number of days, like 23, and make some money by doing that. Best to make sure the lock is good for 5 or more days past closing, especially on a short escrow or if a lot of weekends and holidays are in the mix.

  3. Pingback: Chicago Metro Area Real Estate - INSIGHTS & TIPS FOR HOME SELLERS & HOME BUYERS » Bait & Switch is Alive and Well in Mortgages as Well as Listings

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