Good Morning!
I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind…
1) Get a Good Faith Estimate (GFE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a GFE.
2) When looking at the GFE – focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.
3) Pay attention to the date on the GFE – or rate quote. The rate market changes daily. You have to compare apples to apples. …To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate – depending on when the quote was generated.
Have a good day today! …and thanks for reading.
Brett
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……