Have you heard the ads some lenders are running on the radio and tv? How can they offer loan rates below what everyone else does? One ad says they aren't brokers, THEY APROVE THEIR LOANS! Instead of locking in on the interest rate, borrowers need to ask how much is it going to cost them to get this wonderfully low rate. What hidden fees are they hiding? Give a list of all fees and charges.
I've talked to several loan officers with good track records and many years in the business. They all say when shopping for a home loan, ask questions. Ask to compare head to head the various loan products against a competitor that the potential borrower has already gotten information from or is considering. Ask the loan officer how much they (the loan officer) are going to make on this loan. Ask for a written list of all fees and loan costs. Only after a full accounting can you decide who amoung the various lenders, to do business with. Any loan officer that won't give answers to these questions without hesitation, should be avoided at all costs!
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