Home Loan Rate
Can I lock a home loan rate with more than ONE lender ?
Can I lock a home loan rate with more than ONE lender ?
So is it good to go with a broker than a lender directly ? Will I get a better rate from a broker than a lender directly ?
This is one of the reasons lenders have application fees. We order and pay for appraisals, flood certs, title work (not the cost of a policy but they do get paid for the work they did whether the loan closes or not)…all that stuff costs money, plus they do have to pay me, even though this is so much fun. If you make a bunch of applications, you’ll pay a bunch of app fees. Some lenders will charge a rate lock fee too. These may or may not be applied to your closing costs, but if you don’t close, the fees are forfeit.