Rates these days are highly volatile and seem to be moving in one direction or another every week. When shopping for a mortgage this can make the decision confusing and quite frankly very difficult. If you are a consumer looking for a refinance it is imperative that you compare mortgage offers on the same day, before they change, which could skew the numbers.

Start early one day with your list of top lenders in the area. Contact the first lender and comply with all of their requests, this way you will be able to determine your exact situation to shop. If the lender seems reasonable and has provided a great service most likely they are a good lender and you may want to just stick with them.

Take note of the following information.

1) Credit Score

2) Loan Amount

3) Appraised Value

4) Debt to income ration

5) whether or not you qualify for a HARP program, FHA Streamline, VA streamline, or anyother government loan program.

Once you ascertain this information ask for a loan cost illustration which will break down all of the costs associated with the loan, and the interest rate. It is important to note the costs you will actually want to compare will be the origination charges and discount points. All other fees can be skewed as they are thrid party fees that are typically inline anywhere you go. The third party fees are estimates so some times a lender can manipulate these fees to make you feel as though there loan is cheaper. The same is true for your escrow account, some lenders will adjust the amount for reserves required for an escrow account or simply not account for all months required to ultimately make their loan appear better.

In short you will want to compare rate, origination points, Origination charges, and discount/rebate points. With these items you will want to compare the level of service and how well the loan officer services your call and time frame in which they give you the information requested.

If a lender is hesitant to give you this information, or simply refuses to, they are not someone you want to work with and should be avoided. Give up and move on as there are many other great lenders looking to help you.

I hope that this information helps in your search and I look forward to hearing from you!!