I hope you watch this and really compare lenders to save yourself money now and for the next 30 years when purchasing a home. If you are buying with cash, you don’t need to watch this. But about 80% of buyers probably would be getting some kind of mortgage loan.
As a real estate agent, I work with many different loan programs and lenders for buyers and sellers. This approach (email template) was created by trying to help a buyer who wanted to find the best deal, so I drafted this email to help the buyer.
Send this early in the morning to lenders that you are comparing. Legit and experienced lenders will get back to you the same day.
I hope you get the best deal on your purchase loan!
Here’s an email template to compare the lenders for you:
Can you please send me your most accurate estimate of the lender’s fees and closing costs?
Based on $xx purchase price and $xx loan amount and no points:
1. What would be the rate as of today (July 1st) that I can get? Assuming I have a 700 (or your approximate credit score) credit score…
2. Monthly payment (principal and interest) without tax and insurance?
3. Assuming 30 year, what would be the total interest paid for the life of the loan?
4. Total lender fee (not including recording, appraisal, title insurance…)? The fee that the lender takes.
5. Total closing cost (not including escrow fee, tax reserves, insurance and other prepaids)?