Sep 3 in General discussion
Loan Estimate Review (How Mortgage Lenders Try To Be Sneaky)
🔍 **How Mortgage Lenders Try to Be Sneaky**
When you’re under contract, your mortgage lender is required to send you a Loan Estimate sheet. But here’s where things can get tricky:
1. **Interest Rate Lock** 🔒 The first thing you need to check is whether the interest rate is locked. If it’s not locked, the lender can list any rate they want, often quoting a super low rate to hook you in. But beware, that rate can change when it’s time to lock it in!
2. **Payment Breakdown** 💵 The total payment amount you see on the estimate is directly tied to that interest rate. If the rate isn’t locked or isn’t accurate, your payment could change, potentially costing you more than expected.
3. **Estimated Cash to Close** 💰 This figure includes your closing costs and down payment. Make sure to double-check this number, as any discrepancies here can affect your overall budget. 💬
**Buying a House?** If you want me to review your Loan Estimate and ensure you’re getting the best deal possible - Message me the Word 'LOAN' and I'll help you out!
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Loan Estimate Review (How Mortgage Lenders Try To Be Sneaky)
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I've helped 100s finance real estate and I specialize in home loans for entrepreneurs. I will find you the best rate with the lowest downpayment.
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