How can I determine current interest rates? Can I drop my current mortgage officer now?
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If a mortgage expert gave me an interest rate based on a good faith estimate, and that interest rate doesn't match what I have heard (I have extra great credit scores), should I shop around? How can I determine current interest rates? Also, if I have signed initial paper work with a mortgage officer, but not closed on the loan (we are waiting on an appraisal), am I locked in with him, or can I still shop around?
How can I determine current interest rates? Can I drop my current mortgage officer now?The rate quoted on your initial Good Faith Estimate was the rate available at the pricing quoted on the date the estimate was prepared. Rates change every day, sometimes several times a day. All your mortgage officer and ask what today's rate is for the saame program. Until you instruct your mortgage officer to lock in the rate you are floatin. It is your choice of when to lock.
Rates will vary from lender to lender and day to day. The most challenging thing for the consumer to discern is whether or not they are comparing apples to apples when rate shopping. Remember, rate is only one component of what makes it the right loan for you. If you pay too much for it, it wasn't a good deal. Peple who shop solely by rate are being short sighted.
You can change lenders right up until the day the papers record but give your mortgage officer a chance to work with you and get the best structured loan for you.
A Good Faith Estimate is just that, an estimate. It sounds to me like you need to communicate your concerns to your mortgage officer so that you can get enough information to make an informed decision.
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