How to Shop for a Mortgage Lender
With Rosalie Lowrey – GFS Home Loans
If you’re starting your homebuying journey, choosing the right mortgage lender is a big decision—but it doesn’t have to be overwhelming. The key is knowing what to look for, what questions to ask, and how to compare apples to apples.
Here’s a simple guide to help you shop smart—and avoid costly surprises later on.
✅ 1. Always Ask for a Loan Estimate (LE)
Never settle for a quick quote or a vague email. Ask every lender for an official Loan Estimate. It’s a standardized form required by law, designed to help you compare loan offers easily and accurately.
🔍 What to Compare:
Focus on lender fees only—these are listed in Section A on Page 2 of the Loan Estimate. Other fees like title, insurance, appraisal, and survey costs are third-party charges and can vary depending on providers and property details.
💡 How I Disclose Fees
At GFS Home Loans, I believe in transparency. I always include a cushion in your estimates so you’re prepared for a worst-case scenario—not blindsided later.
Example:
I estimate $1,500 for a property survey, even though it may end up being $800–$1,200. Some lenders leave this off entirely or lowball it to look cheaper—but that’s not how I operate. I’d rather overestimate now and let you be pleasantly surprised at closing.
👉 Note: I don’t estimate home inspection costs, because they’re not required by the lender. But I strongly recommend getting one. I wouldn’t buy a home without it.
✅ 2. Focus on These 3 Key Numbers
| What to Check | Where to Look | Why It Matters |
|---|---|---|
| Interest Rate | Page 1 of Loan Estimate | A lower rate means a lower monthly payment. |
| Lender Fees | Section A, Page 2 | These are the fees your lender charges directly. |
| Discount Points/Credits | Section A, Page 2 | Know if you’re paying more upfront to lower your rate—or receiving a credit. |
✅ 3. Ask These Smart Questions
Don’t be afraid to ask lenders direct questions before moving forward:
- Is the interest rate locked yet?
- Are discount points included in this quote?
- Are there any lender credits applied?
- Is there a prepayment penalty? (There shouldn’t be.)
✅ 4. A Quick Warning
If someone offers you a “no closing costs” loan—ask how they’re covering those costs. In most cases, it means they’re charging a higher interest rate to absorb them.
That’s not always bad—but you need the full picture to decide what’s right for you.
🏡 Final Thought
The best loan isn’t just about the lowest fees or the lowest rate—it’s about the best value for your goals.
If you need help comparing your options, I’m just a call, text, or email away.
Let’s find the mortgage that works best for you.
— Rosalie Lowrey, GFS Home Loans
