The Mortgage Professor: Loan estimates let borrowers down
Mortgage borrowers who want to shop for the best price available will do much better using a multi-lender website. Instead of having to send their information to each lender in a separate application, they enter it only once into the Web-based system, which uses it to price their loan with all the lenders participating in that system — perhaps five or more. The shopper sees live price quotes from multiple lenders at the same point in time.
Neither is the shopper under the gun to make a decision that day. While all the lenders participating in the Web program will reset their prices the next day, the shopper can repeat the process with very little effort. Indeed, the site may retain shoppers’ input data and update their prices automatically.
Of course, not all multi-lender websites are created equal. To see a checklist of major features of different sites, click on “Features of Multi-Lender” Sites on the home page of my site.
ABOUT THE WRITER
Jack Guttentag is professor emeritus of finance at the Wharton School of the University of Pennsylvania. Comments and questions can be left at http://www.mtgprofessor.com.
©2013 Jack Guttentag
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