No need to pay fees for an up front quote!
Here's an insider's tip that most lenders won't tell you.
It's perfectly reasonable to request and receive a real quote on your mortgage loan rate and fees 'up front,' or at the beginning of your loan research, with just an estimation of your credit scores and appraised value of the home you are considering.
Your lender should be willing to issue this quote on demand.
Often times you may be told that this isn't possible until you have revealed your current, official credit score as well as a professional, accurate appraisal. You may even hear that your income and assets must be officially assessed before you can get that real quote that you're seeking.
Obtaining all of this official information allows a lender to charge you an 'up front' fee to do so. Once you've paid this fee and the credit and appraisal work is underway, you have begun to establish a relationship with the lender. Consequently, even if a higher rate and / or fees are quoted, you may feel 'trapped' in your situation with this lender.
Be sure to ask for an up front quote without paying up front fees. This request is reasonable and realistic and working with someone who is willing to do so is likely to offer you a lower rate and better overall deal.
As always, shop around. Obtain two or three rate quotes with fees to find out who has the best deal and which lender is right for you. A little due diligence will save you time and money.
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