Rate Shopping?

Whether you are buying or refinancing, we would like to give you some food for thought.  For the sake of discussion, let's just say that you happen to be buying a new home.  As you shop around, are you simply trying to find the lowest priced home on the market, or would you say that you are looking for the home that best suits your needs and provides the best overall value?

Similarly, as you search for a lender, are you simply looking for an order taker who will quote you the lowest rate . . . or would you agree in this case as well, that acheiving the best overall value  is important?  ie. the lowest rates in conjunction with: competent leadership, education, ideas, alternative plan designs, consistent follow-through, no surprises, etc.

Let's assume for a moment that your sole basis for choosing a lender is their rate quote.  What if there is so much emphasis on the interest rate, that these other important elements are overlooked and you wind-up getting what you paid for?  Perhaps in the final analysis, you actually end up overpaying because that quote was void of sound recommendations, ideas, or products that you simply were not aware of.  While it is certainly prudent  to shop for the best rates, be sure to look at the overall package and don't sacrifice the exemplary level of service that should accompany those rates.  There is simply too much at stake!

When it comes to choosing the right loan, there are many important things to consider; such as the expected length of stay in your home, market conditions, interest rate trends, tax implications, opportunity costs, cash flow, etc.  You should also know that the real cost of your mortgage is NOT determined by the rate alone.  It is based on a combination of interest rate, points, fees, and actual terms; not one or the other; and only as they apply to your own unique circumstances.  All of these things should be given careful consideration, and can best be determined with the proper guidance of your loan professional.  Remember, there is no such thing as a stereotypical borrower and this is not a one-size-fits-all industry.

So in the interest of closing your transaction smoothly, and bringing your homeownership goals to fruition, who do you feel will provide the necessary leadership and the required coordination of effort?  Who do you most trust to oversee and orchestrate this important event?