Help with buying first home please!?
I am a 25 year old female looking to purchase my first townhome for $ 70,000 in south florida. I am putting down 20% and getting a 30 year fixed rate conventional loan. I got preapproved and a GFE today with Guaranteed Rate for 5.3% interest rate. I heard they are a good mortgage company through referrals and they do not charge fees or discount points. I had a quote from a mortgage broker affiliated with Wells Fargo and the closing costs were more but he gave me a 5.1% interest rate. However the monthly payments were only about $ 13 difference in price. The Wells Fargo guy is not willing to work with me and told me to shop if I want to. Everyone is telling me (family and friends) that since this loan is so small ($ 56,000) my monthly payment and closing costs will not make much difference in price. Guaranteed Rate is charging me less for appraisal fees and some other fees when I compare to the Wells Fargo rate but who knows. I barely understand this stuff and am not paying an attorney to look at it. I’m not sure what to do. I was going to try getting a quote with Bank of America but I heard they don’t process anything in house so the closings are usually delayed and they charge discount points. I am new to this and don’t really understand any of it so any advice would be much appreciated. Should I use Guaranteed Rate Mortgage Co. or keep shopping? My closing is Feb 28. We are already under contract.