Before you commit to a mortgage lender, make sure you are getting an honest rate and fees/cost to obtain that rate!

Rate bait and switch.
You can call around for a rate quote and get quoted a great rate that sounds like you have found the deal of the century, so you go forward with an application. When it comes time to lock or close the loan, the rate is much different or you are suprised by extensive closing costs. Some of the excuses are; that the rate lock has expired or terms have changed because of your credit. Ethical lenders cannot quote a rate until they know your financial situation and know what kind of a loan is best for you.

"Prescription without diagnosis is malpractice"  - Your Doctor would not give you a prescription without a proper diagnosis, a lender should not quote you a mortgage rate without a full mortgage application which includes; a credit check, asset information, income information and desk top underwriting results. Any lender who does not complete a full check up of your specific situation is simply guessing! - Contact Me Today For A No Obligation Honest Mortgage Consultation.


Here is the reality of rate quotes.
A mortgage lender can quote ANY RATE that you want to hear. But what is it going to cost you in points or upfront fees?. Every lender sells their loans to the same market, so we all have the same interest rates. The only difference is how many points you will pay to get a rate?  Unethical lenders will not tell you that up front. Many lenders will tell you their rate is with No Points but they mask the points calling them something else such as lock in fee, origination fee, discount fee and so on.  

If it seems too good to be true, chances are it is just that too good. You may think it is a great deal, until you realize the rate is higher or there is a pre-payment penalty on the loan etc.. 

In our life time the home loan for most people will be the biggest financial decision you will make.   There are Two real important things remember: buyer beware and the relationship between you and your lender should feel comfortable and sincere. 

Contact me If you want honest information so you can make good loan decisions and find a loan that matches your individual long and short-term goals.    Leo Namiot 860-482-7674