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Smokey Robinson sings about his momma telling him to shop around. Well, Mrs. Robinson was right. When obtaining a mortgage talk to at least three different real estate lenders. Generally, the annual percentage rate is a good way of determining the cost of the loan. However, each Utah home mortgage lender fees and rates differ. Your real estate agent is generally your best source for finding a good real estate lender. One that will tell you the truth, return your phone calls and place you into the best loan program. When comparing lenders:
Ask for a good faith estimate of the closing costs in writing. When comparing the prices of different lenders, pay no attention to the title insurance costs or government recording fees. Those do not affect the price of your loan. Do pay attention to the loan fees, points and the interest rate.
Ask how long the interest rate is valid. If a Utah Mortgage Broker quotes you at a very low rate with a 10-day lock, that means you'll have to close the loan within 10 days or the rate will go up. Ten days are not enough time, unless you have already been approved. Ask for a 30-day lock.
Make sure you get the interest rate, the points and lock-length in writing.