How can I find the best deal?
When comparison shopping among lenders, remember that a lender can structure
financing for a borrower several different ways. A lender can charge higher
fees and offer a low interest rate while another may charge a slightly higher
interest rate with lower fees. In order to make an 'apples to apples' comparison
between lenders, ask each lender what their interest rate is for a zero discount
point loan (based on a 30 or 60 day lock period). Then ask each lender what
they charge for an origination fee, as well as any other fees they typically
charge for a loan, (i.e. broker, processing, underwriting). A reputable lender
will not hesitate in answering these questions.