Getting a "good deal" on mortgage loan is not as easy as just shopping the rate

Opinion:

I found a lower rate so I am going with XYZ bank. Sounds great! Unfortunately the way your loan was structured could cost you more money that a slightly higher rate would have. How can that be?! Getting a "good deal" on mortgage loan is not as easy as just shopping the rate. There are other factors that mitigate the expense of the loan. Structuring PMI, Paying points vs. not paying points, time the loan will be kept, how the home will be used as a few examples. I'm willing to bet the "low rate lender" didn't take the time to explain all of these things to you. Having a lower rate is fine and dandy until your loan is structured improperly and ends up costing you more money than what you would have saved with the lower rate. Isn't the purpose of the lower rate to save money? This is why my profession requires a State and Federal license. If it was as simple as getting a low rate, loan officers would not be needed. You could get a mortgage from a vending machine!

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).