In our opinion, recently enacted legislation has done a lot of things wrong and hurt both consumers and lenders alike. However, there have been some positives such as stricter requirements for full and fair disclosure to credit consumers.
A mortgage should be treated like any other big ticket item you may be considering and requires comparison shopping and a little self education on the process.
A few suggestions:
When receiving rate quotes, consider rates that can be "locked" for enough time that allow you to complete the process. If you receive advice about why you shouldn't lock the rate, consider the recommendation carefully.
When comparing costs, focus on origination fees and any discount point(s) and less on impounds such as property taxes, hazard insurance and prepaid interest. The lender isn't "profiting" from your impounds.
Be patient and understand the mortgage industry is going through a transition period with increased guideline restrictions and documentation requirements.
The Property Doctor is lucky to have Michael Chapman, a Community Banker with Home Savings of America as one of our partners. If you have any mortgage related questions just contact us and he will respond accordingly.