Choosing the Right Loan Officer: Mortgage Rates and Loan Costs

Loans just got a bit cheaper this week: 30-year fixed rates decreased, as did 15-year rates and adjustable rates. They were lower this week than last week, and at this same time in 2009. This is generally good news for those hunting for a house or looking to refinance—but other factors weigh into the total picture of a loan.

Lower rates mean lower monthly payments; and everyone is looking to pinch a few pennies these days. But, don’t be fooled into thinking that the best rate is always the best or cheapest loan. The fees associated with obtaining a mortgage and the process of paying on it for the foreseeable future determines total loan cost. Ask the following questions of those lenders you are considering:

• What are your fees? Which are paid upfront and which will be collected at closing? Standard fees may include appraisals, origination fees, credit reporting cost, underwriting fees, wire transfer, and more. These should not only be competitive; they should also be disclosed up front (within several days of application) in a Good Faith Estimate.

• Are you paying any points for this rate?

• Who will service the loan? Who will you call when issues arise or for general customer service concerns?

• Do you generally trust the loan officer or consultant you are working with? Are they easy to get in touch with? Have they clearly explained your options? Will they be there every step of the way, when you have questions about inspections or at closing?

• What is their level of experience and capability? Do they write VA and FHA loans in addition to conventional mortgages?

• How fast can they close your loan? Is time of the essence? Can they work with your timeline?

Don’t just rate shop. Ask the hard questions and choose a mortgage professional that can get the job done right, and has the knowledge and experience to walk you through this significant undertaking.

About Brian Ofsie and Vanguard Funding:

Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.