Ask Terry Questions Mortgage Lenders and Rates

Mortgage Lenders and Rates

By Terry Savage on March 16, 2019 | Housing / Real Estate

Good Morning Terry. My wife and I read your article titled “This spring looks like smart time to buy home” in our local Sunday paper and would like to submit a question.
How do you know which lender and or terms for a mortgage are the lowests?

We’re under contract to purchase a newly constructed home and have been pre-qualified through two mortgage companies (Atlantic Bay and Caliber) based upon our income, lack of debt and phenomenal credit score of 814.

What we don’t understand are the differences between the interest rates, credits and points each of the lenders mention. Any and all assistance would be greatly appreciated. Respectfully, John

Terry Says

OK, I don’t know where you got those companies — unless the builder provided them. But I’m guessing you are paying too much in fees or too high an interest rate — unless the builder paid down some of those costs in order to sell the home.

You need to get a competitive quote from Guaranteed Rate or Quicken Rocket mortgage.  Since you’re in the Chicago area, contact Leslie Struthers, my mortgage expert at Guaranteed Rate.  She will treat you fairly.  There may be some caveats beacuse this is new construction and would require a certificate of  occupancy before a mortgage could be granted.  But Leslie will know.  Here’s her contact info:

Leslie Struthers

Vice President of Mortgage Lending

o: 312.379.3526 – m: 312.217.6500 – f: 312.803.1929




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