Recently I had a potential client tell me he was shopping for a loan on the internet. He told me it appeared the internet had better rates. Upon further investigation however, it seemed that the loan package he was seeing was packed with hidden fees that made it considerably pricier (in the long run) than anything I'd showed him. How do they get away with that?

Home loan rates are influenced by mortgage-backed securities. Because of that, rates can’t be much different from one lender to another. While many may advertise great rates, the reality is that fees and points are often required to get to that rate ... if you qualify ... resulting in a higher total loan cost.

Translation: if one lender’s rates are much lower, chances are you will pay for it somewhere else.
 
Maybe more important than even rates right now is the ability to close the transaction. Because of the drastic changes in the lending environment, guidelines change by the minute. You don’t have to go far to hear some horror story about a loan that was promised and the lender couldn’t deliver.
 
I always suggest sitting down with a mortgage professional face to face. A mortgage is your biggest financial liability. It should taken seriously. Talk to a professional then make an educated decision for your financial future.