Hey BP family,

Im gathering quotes for a refi on my personal residence. Its a little troubling what some lenders will do to try to my their quote the most competitive. alot of number fudging.

what should I ask a lender upfront to get a more honest and concrete quote?

ive already had my credit pulled so im willing to get quotes from more people.

how can i quickly scan an estimate from a lender and tell if they are shooting me straight?

Thanks,

MB

Michael,

If you want to see apples to apples you just have to look at and ask what are the "Hard costs" aka BS fee's! You should not be paying any points or broker fee's. What are the total "Origination fee's" and remember you can pick and shop for your own title company. Not all title companies that certain banks/lenders use have the lowest fee's. Ask if the bank/lender can offer a rate lock prior to appraisal and what is their turn time currently. A lot of lenders are floating teaser rates and that is what upsets 95% of borrowers getting to the table and finding out the rate was not locked or quoted off of top tier PAR pricing. Happy to answer any other questions.