You got a mortgage offer. It looked reasonable. But here's the thing: most lenders count on you not checking. Rates, fees, points, prepayment penalties — these vary more than most buyers realize, and even a small difference compounds significantly over 30 years.
The myth that keeps buyers from shopping
"Shopping around will hurt my credit score."
Credit bureaus group mortgage credit checks within a short window (usually 15–45 days) and treat them as a single inquiry. Your score stays intact.
"All lenders offer basically the same rates."
Rates, origination fees, points, and program availability differ significantly. Two lenders can look at the same file and come back with thousands of dollars difference in total cost.
What a second opinion actually covers
This isn't a vague "let me see if I can beat it" conversation. Jordan reviews your current offer line by line. Here's what gets looked at:
- Interest rate vs. the current market — is yours competitive?
- APR comparison — rate alone doesn't tell the full story
- Origination charges, discount points, and lender fees
- Prepayment penalties buried in the fine print
- Loan programs you may not have been offered: VA, FHA, USDA, down payment assistance
- Closing cost totals — not just the monthly payment
Questions worth asking before you sign anything
A good loan officer answers these without hesitation. If yours can't, that's worth knowing too.
- Is this rate locked, and for how long?
- What are the total closing costs, not just the monthly payment?
- Is there a prepayment penalty if I sell or refinance early?
- Are there any programs I qualify for that could lower my rate or reduce the down payment?
- What's the APR — not just the interest rate?
