This is the long version... auto quoting is hard:
As mentioned on the footer on every page, everything here is indeed in good faith but, everything is best effort. Applications will not move forward until we talk, as Humans (on my companies side), are still needed for every stage of this process. The Fannie Mae sellers guide is over 1200 pages because every aspect of lending is very complicated (This is another reason to use a wholesale brokerage). The "Customer Pricer" is meant to be friendly and easy 1st step and a way to give you the freedom to run basic scenarios and "sell yourself" on how affordable a home loan can be. Any scenario needs to be approved first then the rate needs to pass high cost compliance with the lender, we give you access to the lowest rates the lender publishes, if the cost is too high a higher rate will need to be selected on the quote list. Occupancy, property type, income, assets and 1000 other things can change qualification and/ or pricing. The pricer only gives you 9 (Field inputs) for customer ease so, again the auto pricer is good faith but not a full lender quote or credit application and not guaranteed. Locks and approvals are always handled by me regardless of what the system may say. Payments are the P+I (Principal and interest) loan payments only. Again, the great news is the rates are directly from the lenders and they can publish or republish at any time. Sometimes as often as 2-3 times in 2-3 minutes (Yes crazy). Some lenders do inactivate pricing while updating and don't publish until next day so these scenarios might delay a lock. Refinances and purchases are priced a little differently as I can pick 3rd party services on a refinance (so all standard items usually included) whereas on a purchase the selling agent picks the services so 3rd party fees are not included. When I do get those fees $$ I will pass them on penny for penny! This year has been tough on my industry. Rates have "corrected," causing some lenders to leave the retail and wholesale market, should this ever happen during a refinance, (in ~20 years in the business, this happened to me once in 2009) all good faith efforts will be made to transfer the loan submission to another lender but, locks are from the lenders themselves and not transferable. I will only work with honest and friendly people. I only guarantee that I will give you my best effort and my companies fees will not change during the transaction, all else (Lender adjustments) are situationally/ appraisal/ credit based and outside of my control. I agree, there's a lot of "disclaimer" to digest but it's all from a good place so please call me anytime at 714-280-4830 to discuss anything, or any scenario you have, as you are welcome here! Now that's out of the way, I would love to help you find your next financial home! Thank you and please call today!- Tom.