There are many people claiming to have the lowest rates for the lowest cost. There are many ways to hide the cost and make it appear as though you are getting a fair deal. There is only one way to be sure, ask for the Anti-Steering Disclosure up front. You do not need to let them run your credit to get a simple one page Anti-Steering disclosure. As soon as they quote you, request a copy of the Anti-Steering disclosure right away.
The GFE is a federally regulated form required to show you all cost inside and out, but only for the option you are being quoted, plus it’s confusing even to an experienced loan officer. The TIL is a federally regulated required disclosure that shows how much the rate is going to cost you, but is also only for the rate being quoted, plus it’s confusing even to an experienced loan officer. Both of these forms are the common quote disclosures and loan originators are required to run your credit before supplying you with one. By the time you run your credit, it’s unlikely you are going to do another application with another lender just to see their disclosures.
The Anti-Steering form on the other hand does not require you to complete and application or run credit. It does force the loan originator to show you three options and they are always the same: The lowest rate, period, simply the lowest rate available from that lender no matter what the risk and show the cost to get it. The lowest rate without risky features and the cost to get it. The lowest rate without risky features and the lowest total cost. (Like free)
Why is this so important you ask? Because many originators, especially Direct Lenders, do not have the ability to even offer no cost mortgages. Some still claim they do not even exist. Therefor they are going to tell you that fees is the way to go, because if they did not, they would be out of business. When you work with an originator that offers no cost loans, you can weigh your options and see that 9 times out of 10 its wiser to go with the no cost option.
Lastly, now you can finally shop without having to give up your time, risk your FICO score and provide sensitive data to several strangers just to find out who really has an interest in seeing you retain equity in your home.
The GFE is a federally regulated form required to show you all cost inside and out, but only for the option you are being quoted, plus it’s confusing even to an experienced loan officer. The TIL is a federally regulated required disclosure that shows how much the rate is going to cost you, but is also only for the rate being quoted, plus it’s confusing even to an experienced loan officer. Both of these forms are the common quote disclosures and loan originators are required to run your credit before supplying you with one. By the time you run your credit, it’s unlikely you are going to do another application with another lender just to see their disclosures.The Anti-Steering form on the other hand does not require you to complete and application or run credit. It does force the loan originator to show you three options and they are always the same: The lowest rate, period, simply the lowest rate available from that lender no matter what the risk and show the cost to get it. The lowest rate without risky features and the cost to get it. The lowest rate without risky features and the lowest total cost. (Like free)
Why is this so important you ask? Because many originators, especially Direct Lenders, do not have the ability to even offer no cost mortgages. Some still claim they do not even exist. Therefor they are going to tell you that fees is the way to go, because if they did not, they would be out of business. When you work with an originator that offers no cost loans, you can weigh your options and see that 9 times out of 10 its wiser to go with the no cost option.
Lastly, now you can finally shop without having to give up your time, risk your FICO score and provide sensitive data to several strangers just to find out who really has an interest in seeing you retain equity in your home.
