Are you guilty of over-shopping your mortgage the rate? Do you continue calling and getting quotes until you get one that you like? If so, you might have just found an in-experienced loan officer that does not know how to properly qualify you.

There are over 16 factors that go into determining an interest rate and they are different for every person and property. If you expect to get an accurate rate quote without an application these days you are fooling yourself. Besides the fact that even a quoted rate is not a delivered rate since pricing literally changes by the minute like the price of gasoline. Add to that the fact that you’d be lucky if you called 3 loan officers today if you had 2 call you back.

Be aware, there are still inexperienced LO’s out there either don’t know how to properly figure costs or deliberately misstate them thinking they can explain it away somehow. It is just as important even more important in most cases to choose a professional who you know you can trust as it is to find a good deal.

John Ruskin
“It’s unwise to pay too much, but it’s worse to pay too little. When
you pay too much, you lose a little money – that’s all. When you pay
too little, you sometimes lose everything, because the thing you
bought was incapable of doing the thing it was bought to do. The
common law of business balance prohibits paying a little and getting a lot – it can’t be done. If you deal with the lowest bidder, it is well
to add something for the risk you run, and if you do that you will
have enough to pay for something better.”