Comment by satellite2
6 days ago
Are those really standardized in the US?
Where I live the condition vary widely. And basically the switching costs might easily dominate the total costs if you move/sell.
I've found that taking this into account it was better to trade a few places in term of interests for better conditions.
Yes, extremely, especially for confirming loans: https://singlefamily.fanniemae.com/originating-underwriting/...
Patrick McKenzie (https://news.ycombinator.com/user?id=patio11) has a great deep dive on this: https://www.bitsaboutmoney.com/archive/mortgages-are-a-manuf...
Closing/switching costs are certainly a consideration still, but the "Truth in Lending Act" (TILA) made it easier to compare the all-in cost by providing a standardized APR number, which is what the dashboard focuses on.
* conforming loans