7/14/2004

Not All Loans and Lenders Are Created Equal

Buyers tend to overlook the importance of comparing loans when starting to home shop, or loan officers. If your FICO score is in the low 600's, don't expect to get the same deal your friend with a 700 FICO just closed on. If your loan rep is a relative or a friend, that's all the more reason to compare loans, it's possible to get taken for granted, or worse, find out your friend isn't very experienced. Here are 10 questions to ask when applying for a mortgage, always ask for an upfront good faith estimate. If the loan rep isn't in a hurry to provide you with one, keep shopping. Don't underestimate the important of providing all documentation on time or taking care of other loan conditions as soon as possible.

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