Occassionally I will get forwarded quotes from my clients from out of state lenders that appear to be better until we dig into the details. The most common mistakes that I see on these quotes are low estimates for property taxes, homeowners insurance, and even transfer taxes. While these quotes appear to be a better deal the bottom line is that the lender has no control over these figures. They will be the same no matter where you get your mortgage from. The difference is who is giving you a better, more accurate estimate upfront. I am under the belief that it is much better to find out the day before closing that your monthly payment and your funds needed for closing are less than originally estimated as opposed to more. In fact, if you have to bring more money to closing than what was estimated this can cause your loan closing to be delayed or even cancelled because the underwriter has to re-approve your loan based on the higher than expected funds needed for closing and/or higher monthly payment. I am sure some of these quotes appear low intentionally in hopes that you wont dig into the details and will choose them for the loan. Sometimes it is ignorace. The loan officer preparing your quote may not be familiar with the area thus their mistakes might be unintentional. Because we are located in western PA we are familiar with the intricacies of our market when it comes to things such as how much the property taxes and transfer taxes should be. We have access to tools that allow us to research things if they dont appear correct. For example, did you know that Westmoreland County allows you to obtain all of the property tax figures for a particular home for free on their website? If you are considering purchasing a home in Western Pennsylvania I would encourge you to call me for a complimentary no-obligation mortgage pre-approval and accurate quote.
Posted on: Wed, 30 Oct 2013 13:57:08 +0000
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