The reason is that no lender will make a binding commitment
on a loan without having approved it first. That process can take
anywhere from several days to several weeks and meanwhile, you
dont have any guarantee of anything. Remember, loan rates and
fees quoted to you over the phone are not binding on the lender!
They have not commited themselves to anything until the loan is
approved and they have issued a signed commitment letter.
Three Simple Steps To Guarantee Yourself The Best Loan
- I will prepare your loan application - It takes about an hour
(less, if you have already applied with another lender and can
provide a copy of your application forms). I'll give you a signed
Good Faith Estimate and Truth in Lending form. When
your loan is approved, you will receive a signed commitment
letter. Remember, making an application does not oblige you
to close a loan with me (nor, are you obligated when you apply
with any other lender, for that matter).
- You can shop as many other lenders as you like.
- If you can find one who will commit to funding your loan at
a lower bottom line cost (the total cost of your loan is most
accurately expressed as the Annual Percentage Rate, i.e. APR)
prior to the time you take advantage of our rate lock feature,
just send or fax me the other lenders signed commitment letter,
Good Faith Estimate and the Truth in Lending Form. It it shows
a lower bottom-line cost, i will either meet or beat their price.
If Ican't do that, you can still get your loan from the other
lender, and i'll send you a check for $100.
It's the only way that you can be sure you've got a level playing
field, and you guarantee yourself the best price. All I ask is
that you give me the opportunity to give you the Absolutely, Positively
Lowest Bottom-Line Cost on your mortgage loan!

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