• Find the lowest Total Cost for the Rate that you select for the Loan Product that you select. Frequently people claim they have found an unbelievably low Rate or low Fees some place, but when Rate and Fees are legitimately evaluated and compared, Apples to Apples, it generally becomes clear that the deal is not such a bargain.

• Constant Rate: Pick any currently competitive Rate and shop the exact same interest Rate (6.750% vs. 6.750% or 6.500% vs. 6.500%, etc.) for each lender. Then compare only the Loan Fees. This means the '800-series' amounts on your Good Faith Estimate. Comparing the same Rate is very important because Rate determines Fees. So the lesson is:
  
  Do not compare the Fees for one lender’s 6.500% rate against another lender’s Fees for their 6.625% rate. That would be Apples and Oranges!

• Constant Date: Rates change daily with market conditions so it is important to make same-day comparisons, or even same-hour comparisons. Comparing a rate you get today from one lender with the rate you got from another lender yesterday is almost certain to be different and is therefore Apples and Oranges.
  
  Do not be concerned with prepaid interest, insurance or taxes. These charges will be the same with every lender regardless of the amounts estimated on various Good Faith Estimates.

• Remember when shopping lenders you are only shopping for Rate and Loan Fees.
  Do not choose your lender based on their estimate of title fees, settlement fees or recording fees. Your local providers solely determine your title and settlement fees. Recording fees are determined by local government policy and will also be exactly the same with every lender when the loan closes, regardless of the amounts estimated on various Good Faith Estimates.

• Why do Good Faith Estimates vary so much? Many national lenders are not familiar with closing costs in each county of each state, and their automated systems do not allow for so many variances, this can result in inaccurate numbers. This is why you should work with a Florida based mortgage provider. Most importantly, some mortgage providers mysteriously omit certain fees from the Good Faith Estimate in a attempt to seduce you into believing they offer the best rate and fee package. The problem is they succeed with this deception, often leaving you at the closing table with little choice but to close the loan and try to make things right after the event. Remember: Choose your lender based on rate and lender fees only, all other costs will be the same regardless of what the Good Faith Estimate says.

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