How to Compare Online Mortgage Offers

Step-by-Step Guide

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   Step 1: Complete mortgage quote forms

   When you complete an online mortgage quote form, you are essentially asking the mortgage world to contact you, and oh boy, will you be contacted.
   
   Most inquiries are aggregated by lead providers and sold to mortgage bankers and brokers 4-10 times.
   
   While the phone calls and emails that are a result of this action are sometimes overwhelming, this is essential to gathering the information.
   
   Stay calm, and ask questions, take control of the conversations.
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   Step 2: but know what you are getting into.

   This is important so as to receive offers that are specific to your situation. , The new laws make it much more difficult.
   
   Asking for a Good Faith Estimate (GFE) is not really going to help you any longer as it simply lumps the fees into a few topic areas. , Use this exact verbiage to get what you want.
   
   If they tell you that they cannot do that because they will be held to those fees, ask them to simply write you an email and detail the fees in the body. , You need to know because they could be quoting an artificially low rate to get you to commit. , You need to know so when you make your mind up and call them back, it will be available.
   
   Give them the impression you will be calling them back today with a decision to get them to put their most aggressive offer forward. , To put it another way, what is the lock term? You need to ask this because if you cannot get the loan closed within that time period, you may lose the rate.
   
   If they tell you 30 days or fewer, make them put in writing that they are confident that they can close and fund the loan within that time period. , if so how much? , In some cases your rates may be lower and fees higher or vice versa.
   
   It is up to you to determine what is more important. , Are they a bank, a mortgage banker or a broker.
   
   This is important because you may need to give them money up front, and you need to feel comfortable with the firm being around when you are ready to close. , Ask what the firm's licensed name is so that you can look them up online.
   
   You can look in Google under the company name, and "complaints". , A serious mortgage broker should extend his or her best offer to a serious shopper, and doing the above qualifies you as serious.
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   Step 3: When you receive a phone call to discuss your request

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   Step 4: be detailed and honest about your credit profile

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   Step 5: assets

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   Step 6: and condition of your home.

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   Step 7: Make sure you compare "apples to apples."

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   Step 8: Ask for a "written detail of all of the fees associated with this transaction

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   Step 9: the current interest rate

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    Step 10: and a breakdown of the principal and interest payment".

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    Step 11: Also ask them to write in the same email

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    Step 12: the answers to these questions: When can I lock my rate in?

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    Step 13: Is this rate good all day today?

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    Step 14: How long is the rate good for if I lock today?

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    Step 15: Is there a lock fee

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    Step 16: or a fee that needs to be paid (appraisal) when I lock?

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    Step 17: When you have all of these offers you can compare apples to apples

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    Step 18: compare the fees and rates

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    Step 19: and choose what you want most.

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    Step 20: Consider what kind of institution they are.

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    Step 21: Ask them how long the firm has been in business.

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    Step 22: Be prepared to make a decision and stick with it.

Detailed Guide

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