Should I choose the lender with the lowest interest rate and costs?
There are two important things to consider when choosing one lender over another one:
Quality of Service – This is especially important for first-time homebuyers who will have many questions about the total financing process and available loan options. Finding a lender with outstanding service skills that you trust will comfortably guide you every step of the way, so ask questions, even before you fill-out an application.
Cost of Services – Ask potential lenders upfront what they charge for their services and to provide a list of all fees involved. They should provide you with a GFE (Good Faith Estimate). This will identify all costs that you will be charged and the closing cost factor cannot vary by more than 10% at closing. By carefully comparing GFE's you can determine which lender offers the lowest cost loan.
Of course, interest rate is a significant component in the selection process. All other things being equal, choose the lender with the lowest rate. Check out our unbeatable rates!