Over the last month, I have had two potential clients give me a loan scenario to price out for them. When I told them the days rate, they both told me that 'the other guy' was quoting them the same rate. I told them that the way Road to Home Mortgage is structured, we should beat almost any other lender out there. The best way to compare fees and pricing is with a Loan Estimate. It is required of lenders to send out a Loan Estimate in 3 business days or less once you have specific information from a borrower (such as their name, income, address, etc). After reviewing my Loan Estimate to 'the other guys', I saved both of these borrowers thousands of dollars. One was over $4200 in just fees, and the other one was over $1700 in fees and $1600 in lower mortgage insurance for the loan.
While the rate might look the same, you still might be paying thousands of dollars extra in other fees!
Here are some things to look for on your loan estimate:
Below is a screenshot taken from the website mentioned above. You can take 5 minutes to review the details of a loan. It could potentially save you thousands of dollars!
Until next time!