Any mortgage shopping advice?

8 years ago

I'm going to be closing (estimated) on a new construction house on April 27. My buyer's agent kind of pushed one of his preferred mortgage brokers, and since she was able to get the same deal from the builder as the builder's preferred lenders ($3000 off closing), it seemed safe enough. But she tends not to get back to me very fast, and of course they set up the loan estimates to be as confusing as possible.

I'm supposed to talk to her this morning at 9:30 to hopefully get some 'real' numbers (I assume that > 30 days I can't get a 'rate lock' yet), but one of her early estimates had us paying something like $11500 in closing costs on a ~$300,000 mortgage (not including down-payments). Does this sound high? Other (brief) estimates we got from other with other lenders were closer to five or six thousand in closing, and that was before the "$3000 off closing" deal from the builder.

I guess I'm trying to figure how and when I can shop for a different mortgage provider, if it's not too late already.

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Comments (3)

sushipup1
8 years ago
last modified: 8 years ago
Do you have a contract with this broker? Have you paid her any money? Get on the phone this afternoon and contact at least two other brokers, and start talking to others. Good luck!
Jane Doll thanked sushipup1
Denita
8 years ago
last modified: 8 years ago
You should have the official Loan Estimate (LE) that details line by line what those expenses include for your loan. If you don't have a LE then get the lender to provide an detailed worksheet showing all of your closing expenses. The $11k doesn't sound high to me, but it depends on what is included. I assume you have escrows too, in addition to the closing costs.

Shop your lender. Now is the time. Don't go to a big box bank, they are typically very slow and will hold up your closing. The LE will give you the info you need to compare lenders. Look at rate and costs.
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FeatherBee
8 years ago
Do you have a local credit union? That's who I used last time around. They had the same competitive rates as the big lenders. If I ever have issues or questions then they are easy to get ahold of. I can also walk in and make my payment (rather than mail a check or send funds electronically).