how to find a mortgage

[roughtrader]

Hi all,

I’m a total newb at buying RE, and am just leisurely collecting information for my future home purchase.

What is the best way to shop for a loan? I went to BofA and got a preapproval letter, but their loan terms are not really good (7.5% jumbo with 1.25 pts paid on 75% LTV). Due to the number of mortgages they process, however, they are able to forgive all closing costs for the borrower.

I also talked to a mortgage broker, who quoted 6.25% on the conforming jumbos, same LTV, credit score, income, etc.

I have found that typically lenders are inflexible in bringing down the rate if the FICO is very high, LTV is very low, and income is very high. This particular broker quoted 0.5 pts fee for finding a loan.

Is there a good systematic way to shop for the best loan terms without using a broker?

Thanks,

RT

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