Say ‘Yes’ To Loan Shopping And Home Inspection
Question: We’ve recently put a house under agreement and will be closing in the next few weeks. When I was searching for a lender, I called a friend of a friend and we are moving forward with the loan with his company. Recently, I read something about shopping for loans, which is something that I have never done. Did I make a big mistake? Is it too late to make a change?
Answer: Actually, you did make an error. I always recommend that my clients shop their loans to at least three different lenders. This way they ensure that they are getting the product, rate, and service that best fits their needs. You are shopping not only for an interest rate but also for the fees, etc. that you will have to pay. No, it is not too late. I would get recommendations and then give those lenders a call and find out how what they can do for you compares with what you have. There is the possibility that you can save enough money to make the change worthwhile. Before you call the lenders, write out your questions and be sure that you have covered every aspect of the loan and loan process so that you can make an intelligent comparison. RS
