Shopping for a Mortgage

My husband and I got pre-approved for a mortage from USAA, but now see that the difference in closing costs can vary widely from lender to lender.

Where should I begin shopping around for a mortage? We both have great credit, if that matters. THanks!

Re: Shopping for a Mortgage

I always tell people to shop for mortgages online at sites like bankrate. google mortage or zillow. I've used zillow the past 2 times I shopped and have always found great rates from various mortgage brokers. Then I'll compare the ratings/reviews of the brokers with the lower rates before calling each one to ask for a GFE. Pay attention to the title insurance cost 'cus that's something you can shop around for and save a few hundred but not many ppl know.

And I never call banks for rates 'cus, unless you work for a bank and can get a reduced rate, often their rates can't compare with mortgage brokers.

Good luck....

Re: Shopping for a Mortgage

We went to Chase because we bank there and everything has been very smooth and the rate is great and I like knowing I'm with a reputable company.

Re: Shopping for a Mortgage

we used a broker, and just got our lock in for 3.75 without paying any points

Re: Shopping for a Mortgage

I personally wouldn't start shopping for rates until you have a fully executed contract (signed by both parties).

Many banks will give you their teaser rate if they know you aren't in contract yet and can't lock.

Unless I can lock on the spot, I don't bother shopping for mortgages until I am already in contract.

I mean granted you can always look prior to get a feel for closing costs. But don't get serious until I am signed.