difference in reporting requirements is why you’ll see an enormous difference
in a GFE from a broker versus a GFE from a lender. The costs from the broker may seem high when
in reality brokers are able to offer “lender credits” to offset the charges.
The most important factor to consider when
comparing GFE’s is using an apples-to-apples comparison. Compare the quoted interest rate, term, loan
type, and required funds to close. Many
times brokers can offer lower rates and lower required funds to close even
though the total costs may be higher than what’s disclosed on a lender
GFE. Don’t fall into the trap of only
looking at the total cost of the loan. Origination
fees are one of the largest fees paid in connection with a mortgage; however
other fees will be discussed in subsequent posts.
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