Shopping for a mortgage loan can be overwhelming..
Over time Mortgage Lenders have come up with ways to appease to the wants and needs of people like you.
You will often hear this from Mortgage Lenders and Banks
“We have the BEST rates in town!”
“We will beat anyone’s interest rate by an entire point!”
When shopping for a loan it is not wrong for going after the best rate.
I will be the first to tell you this
A “good” interest rate is not a key indicator of a good loan.
Both the lender and the client and pay the interest rate down, and what we often see is that lenders who offer “THE BEST RATES” charge their clients for that rate.
So in reality, the reason you are getting a great rate is because you are paying for it.
Lenders will charge you the fee and put it on the bottom line or the closing costs.
The BEST way to shop for a mortgage loan is to ask for an ALCI.
ALCI stands for Approximate Loan Cost Illustration
The ALCI will have all the charged fees and you will be able to compare mortgage loans more accurately.
I did a Facebook live on this topic and I even explained what exactly is in your monthly mortgage payment.
(It’s different than most think)
You can watch the Facebook live here –> Watch on Facebook
Let me know if you have any questions 🙂