Comparison of the mortgage rates and fees?

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zrzhu111
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Joined: Sun Sep 01, 2013 6:03 pm

Comparison of the mortgage rates and fees?

Post by zrzhu111 » Tue Aug 13, 2019 8:03 am

I have asked questions on getting pre-approval before. Now finally we found a house. The buyer accepted our offer. Next step is finding the best rate possible. I've been reading through some threads. Still not clear on a few things. Hope you guys can help.

1. HSBC only asked for property address, purchase price, loan amount, estimated credit score. He came back with below quote:

Code: Select all

Loan Amount:    390,000

Occupancy :Single Family, Primary Residence

Interest Rate: 3.375%

Points: 0

APR : 3.422%

P&I Payment:    1,724.17

Bank Fees: 1,140  
Question: is this how I should request a quote and compare with others? I know I should reach out to different banks on the same day for quotes. Is this going to be accurate since I didn't file formal loan application?

2. A friend with similar credit received a official quote from Wells Fargo for the same interest rate, but the APR is only 3.392%. does it mean HSBC charge more fees than Wells Fargo?

3. Will the bank provide all fees when I provide basic info for them to give me a quote without a formal loan application? I don't want to pay application fees before decide which lender I'll go.

4. Aimloans guarantee the closing costs even on the 3rd party fees. Does the lender charge us 3rd party fees or we pay 3rd party directly?

5. When compare the mortgage rates, I'll compare the APR with zero points since APR includes the other fees charged by lender. Is this correct?

6. How can I compare 3rd party fees from different banks?

7. Anything else I should compare?

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