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 Sam - start with the larger financial institutions
Posted by Victoria/FL on 5/11/05 5:49pm

in your area. They will have competitive rates, plus you won't have to pay a brokerage fee (NEVER would I pay that - it's like throwing away money). A broker is only needed when you have questionable credit or need creative financing. Although most banks now have no-income verificatiion and or stated income.

I agree with the above poster, make sure you give them all exactly the same information so that you receive back comparable rates. One lender may quote their 15-day rate (the lowest) and another lender may quote their 60-day rate (which would of course be higher). If it takes 30 days to close the loan, the 15-day rate really doesn't do you much good.

I always speak with as many lenders as possible and go with the one that returns my calls promptly and seems to know what they're talking about. This may not always be the lowest rate, but I feel better knowing that I'm going to get taken care of, instead of having a loan officer that doesn't return my calls. Remember, on $100,000 a 1/4 percent rate increase is only around $15 per month on a 30 year loan.

Good luck! Given an excellent credit rating, you should be able to get under or close to 6% for a 30-year fixed. I saw a 15-year fixed last night for 5.375% - sweet!
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