TAMPA BAY, Florida — Considering how much time people spent searching for the perfect home, they often spend little time searching for the perfect mortgage. Rates fluctuate depending on the broker.

Those that work in the field will tell you it takes countless hours of classroom work to get a license, but there are five things (and a few others) they won’t tell you.

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1) You’d better lock your rate today means, I want to close this deal

Most mortgage brokers work on commission, meaning some will resort to pressure tactics to try and close a deal. That can include the advice, rates are going to be jumping tomorrow; better lock in today. It’s a gimmick aimed at discouraging you from shopping around.

Interest rates haven’t been this low since the 1940’s, but most experts agree there’s no rush to lock in a good rate.

Nobody knows if rates are going to go up, said Maureen Helm with VanDyk Mortgage in Westchase. Nobody knows if rates are going to go down. So if somebody tells you that, I think that’s a huge red flag.

Rates flutuate daily and often drop a little bit when the stock market has a bad day. Conversely, they often rise a little bit when the stock market has a good day. But just as nobody can definitely predict the stock market, nobody can definitively predict the mortgage market.

2) It’s easy to make a few extra bucks by slipping in unnecessary fees

Most home-buyers focus so much on the interest rate, they don’t pay attention to the fees associated with the closing. Many of the fees are standard — doc stamps, home appraisal, etc — but the broker can also add origination fees that often go straight into his or her pocket.

They’ll take advantage of the client if they know they can, said Larry Sweeney with City 1 st Mortgage in St. Petersburg. If (unscrupulous lenders) can get away with it, they’ll charge you higher fees.

Sweeney suggests shopping around and getting Good Faith Estimates from multiple brokers. That way, you can compare not just the rates offered but also the fees. A side-by-side comparison will indicate where extra fees may be hiding.

3) A blind second opinion may be in your best interest

Just like one of the things auto mechanics won’t tell you. anyone who works on commission would rather make a small profit on your business than no profit. And you make the estimate challenge for him or her easier by showing your first quote.

Don’t show them, Sweeney says of a second opinion. Just ask for the same quote and then try to match it up.

However, after receiving a second or third quote, don’t be afraid to ask one broker if he or she can beat the best price.

4) You’ll ruin your chance at getting a mortgage if you don’t shop around the right way

Many prospective home-buyers make the mistake of shopping around online or with several brokers that each pull credit.

The more times you get a credit report, the less your score is going to be, and it’s going to affect the approval process, Sweeney said.

Your interest rate is often tied directly to your credit score, so to avoid hurting your application, get your credit score(s) just once and provide the information to the brokers giving your quotes. Brokers are supposed to ask your permission before pulling your credit report, but many interpret the mere act of supplying your social security number as permission.

While a broker will need your social security number and full credit report before issuing the mortgage, it’s not necessary for a quote.

Also, don’t make any major purchases before closing day.

People are so excited about getting a home, they want to buy a new car. Or they want to buy new furniture, Sweeney said.

I cannot tell you how many times, Helm lamented, loans have died at the closing table (because of) a new car or new furnishings.

5) The less personal your relationship, the less likely you’ll get a great deal

If you don’t know a trusted broker or lender personally, ask your friends if they do. A personal connection is one of the best ways to ensure the broker doesn’t put personal profit over your needs.

Ask co-workers, family, friends, friends of friends, and anyone you know for referrals. And get multiple opinions to make sure you’re getting a good deal.

More things your mortgage broker won’t tell you:

• Anyone with an active mortgage license was recently subjected to a new federal regulation process. It weeded out a lot of the bad brokers and dishonest ways customers could be upsold. However, if you go into a bank or an unfamiliar firm, you may initially deal with agent who doesn’t have a license.
• If you give your phone number or e-mail to an agent (or a website) during the quote process, they could sell it to companies looking for leads. You don’t need to provide either (or your credit score) for an initial quote. Some of the information will be required, however, before closing.
• Prequalification may be necessary, but they don’t mean much. Your broker will still need to pull your credit before closing, analyze your income, assets, and liabilities before granting you the loan.
• If you plan on staying in your house for several decades, you should ask about paying a fee up-front to lower the interest rate over the life of the loan. Conversely, if you plan on selling the home in a few years, you should consider a slightly higher rate if you can reduce the fees at closing.
• Be careful when looking at foreclosed properties; if the foreclosure paperwork wasn’t filed perfectly, the previous homeowner could claim the property back — even years after you’ve closed on it and have moved in.

Have something else your mortgage broker won’t tell you? Or want us to focus on your industry next? Tell 10 News reporter Noah Pransky why on Facebook (www.facebook.com/noahpransky ), Twitter ( www.twitter.com/noahpransky ), or via email: noah@wtsp.com .