this is also true for most loans. they send you refinance package with a certain interest rate. No closing fees. but they may have lenders fees
or another such name. monthly payments are listed.
But when the time comes. the story changes. They couldn't get that interest rate they promise you. due to your not having a great credit rating (They couldn't tell you this at the beginning)

I guess one solution is to get a price and do the financing yourself.
which is hard to due with mortgages.
also you could get your credit report score and bring it with you.
do you know of a way of getting the quoted interest rate nailed
down and binding before the deal is consummated.???

AtlantaTaxExpert

Your BEST option is to have the financing secured before you even begin shopping, be it for a house, a condo, a TV or a car.

That way, you know what you are getting in terms of financing before you find what you want to buy!

KMSRyana

Many times people confuse interest rate and APR. The APR will be higher because it reflects the fees that you finance within the loan, where the interest rate is strictly based on the loan amount without fees.

Working with someone who will discuss the fees involved and your options on how you want to handle them is important. I would suggest that you speak with at least three (or more) mortgage brokers to get a feel for who is being upfront with you.

rkim291968

With most respectable lenders, interest rate, APR, and other fee info should be provided upon asking. The interest rate may change a bit depending on when you actually close the loan.

KMSRyana

Yes, with anything but private money lenders are required to provide an estimate in real estate lending. Recent lending law changes suggest that other types of lending will be required to do so upfront as well in the near future. In real estate lending those fees are disclosed on a form called a Good Faith Estimate (GFE) and must be provided to the applicant within three days of applying for a loan. The final numbers will vary, but usually very little. Most of the time it's something like the appraisal was $25 more or less than the estimate, or that the title or escrow company charged a slight variation due to complications (such as clearing a lien or costs incurred from subordinating another loan). These things happen and it's not going to change. What I would suggest is dealing with someone you trust who keeps you informed of EVERY change along the way. The most frustrating part is being kept in the dark and having to find out the suprises on your own or at the very end.