Think You Found a Better Mortgage Quote? Think Again

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Posted To: Community Commentary

I’d been working with Janet for 5 months as her new home was being built. We addressed some concerns, pulled a new credit report to reverify her/hubby’s scores, and sent her a Loan Estimate (LE) showing the final purchase price, loan size, PMI costs, closing cost breakdown, and cash to close. The builder I’m affiliated with provided her $3000 in closing cost assistance for using my employer and their preferred title company, which covered the bulk of her costs. As closing approached, Janet also spoke with another local lender, who provided her a fee worksheet (rather than a legally required, binding LE). It didn’t reflect several of the costs mine did (including final inspection, credit report, survey, and subdivision setup), and Janet wondered why the second lender…(read more)

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