If you define the best mortgage as having the lowest rate, the lowest costs and the one that fits your personal situation now and later, then standard comparison shopping methods will not work.
Many loan officers are not interested in giving you an accurate mortgage quote either verbally or with a written estimate. That’s the first thing you need to realize about what is called “the call around method” of comparison mortgage shopping.
It’s absolutely the silliest shopping method and yet, the most widely used, even by otherwise sophisticated consumers.
Loan officers know that you don’t have a clue about the “real” mortgage rate because it’s difficult for a consumer to obtain. They know that the best mortgage providers have great reputations, quote accurate rates, provide the best mortgage experience, but most consumers shop by “low rate and cost estimates”… so they win with the “I know what you don’t know” and the bait ‘n switch continues.
It takes over a dozen pieces of information or more depending on your answers for an accurate mortgage rate quote. Other loan officers give rate quotes all day long without asking anywhere near the required number of questions.
If you are speaking with a loan officer and after just a couple of questions, he or she blurts out a rate or pulls out a loan estimate, stop! They don’t have enough information to give you an accurate mortgage quote… so their intentions are clear… they don’t intend to provide you with a rate that can be honored and anything they say or write is now meaningless.
Run, don’t walk and don’t look back.
Better yet, learn how to locate, interview, and hire a local, ethical, competent mortgage provider whose Good Faith Estimate you can trust. As has been said before, the best mortgage only comes from the best mortgage broker… not a bank or a website. Find the best mortgage broker and you’ll find the best mortgage.
It’s that simple…