Have you ever wondered that when you call your mortgage company to see if they can give you a lower rate they make you re-qualify and jump through hoops all over. More closing costs and all the hassle. You would think that if they wanted to keep you as a customer they would just lower the rate and lets move on right? The truth is, it's not their loan to lower ... they just service the loan. But I digress.
In order to compare home loan closing cost from lender to lender we must make sure all lenders are on the same playing field. The document that spells out the closing cost on a loan is called the "Good Faith Estimate" (GFE). This is a standard RESPA document and should not vary among lenders. Never accept what a lender tells you concerning closing cost unless it is on a GFE and in your hand. |
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