When shopping for a mortgage, it is recommended that you obtain zero-zero quote from the lenders you are comparing. This means their quote will not have any buy down points or origination fees. This is a much easier way to compare who is providing the better quote.
If you try to compare quotes with varying points or origination fees, it can get messy real quick. I’ve seen it confuse seasoned real estate agents. Mortgage companies know this so some try to use to their advantage to make their quote seem better than it really is.
You also want to be certain you are comparing quotes on the same type of loan. If a mortgage originator introduces you to a different type of loan that might also work for you, by all means compare it to your first quote, but remember you are now comparing different programs. If you want to compare rates, you should obtain the same quote from the other lender.
If you need help deciphering mortgage quotes, contact me. As a former mortgage affiliate of Wells Fargo, I can help.