Compare Mortgage Rates And Closing Costs

by Travis
(Nashua, NH, USA)

How to compare mortgage rates and closing costs is not taught in school. A homeowner asks me for help... Hi Kate, I recently received a few quotes regarding mortgage closing costs from a mortgage broker and am wondering if her figures make sense.

Kate, is it just me, or do my broker's numbers look suspicious? Thanks for your help! Travis


Kate Answers: How To Compare Mortgage Rates And Closing Costs

Hi Travis, Enjoy this easy guide to understanding mortgage closing costs.

Everyone wants the best deal. And why not? I never heard one of my clients begging for a mediocre mortgage rate.

Keep in mind the goal of paying higher mortgage closing costs should translate into lower mortgage interest rates.

But the question is how much lower? Here is where qualifying criteria comes in. Credit can affect rates and fees. Up and down. So can debt ratios and even how many homes have been or are presently owned. Then there is down payment and how long you have worked in the same industry.

So while I'd like to be able to say outright that you have a good deal or take a pass on that quote you referred to, I can't because there are too many variables that can affect your mortgage approval. In fact, it appears there are more mortgage guidelines than clouds on a rainy day, doesn't it?

No wonder trying to compare mortgage rates gets confusing. Here is what I would suggest.

Before you apply for a mortgage, get a written good faith estimate. In fact, get a couple. Ask a trusted adviser for specific help. Question the lender. And listen to your gut feeling.

And every day, visit my website for 10 minutes. Before long, it will become easier to compare mortgage rates and closing costs to find the best lenders.

Best Wishes,


P.S. And Travis, here are some more hints and tips for you.
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