Metro Atlanta lending exec: the cheapest mortgage quote can be the most expensive mistake - compare points, fees and rate locks, not just the rate

Writing in Appen Media's Aikenomics column, DC Aiken, senior vice president of lending at CrossCountry Mortgage, warns metro Atlanta buyers that the lowest advertised rate often hides the real cost of the loan. His checklist: make every lender quote the same scenario - loan amount, down payment, credit profile, loan type, term - on the same day, ask each for zero-points pricing before judging the rate, and tally origination, underwriting and processing fees plus lender credits. Within 30 to 45 days of closing he says lock the rate, since nobody reliably predicts short-term rate moves, get any float-down provision in writing, and demand a written Loan Estimate; a rate that changes the moment you try to lock is a red flag, and a lender's ability to close on time matters as much as price. For a fix-and-flipper: this cuts two ways. Your retail exit depends on buyers' real financing costs, and points-and-fees games quietly shrink what they can pay for your finished product - while the identical comparison discipline applies to hard money quotes, where a headline rate over a 6-to-9-month hold matters far less than points, junk fees and draw mechanics.