WHAT IS THE BEST WAY TO COMPARE LOANS AMONGST DIFFERENT LENDERS?
First, prepare a checklist for the information from each lending institution. You should include the company’s name and basic information, the type of mortgage, minimum down payment required, interest rate and points, closing costs. Most importantly, ask each lender for a Good Faith Estimate. This will show the monthly payments and estimated closing costs from each lender, so that you can make accurate judgments when shopping for a loan. Speak with companies by phone or in person. It is important to compare apples to apples, so be sure to call every lender on the list the same day, as interest rates can fluctuate daily.
