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Where I live there are tons of mortgage companies advertising. One mortgage broker is just four blocks away. I talked to them on the phone and the loan officer seemed professional and was easy to talk to.
If I pick a mortgage broker at random, can they get me the lowest possible mortgage rate in the market, based on my unique FICO score, employment, down payment, assets, etc? Or do I have to contact multiple brokers and banks to see which one can get me the lowest interest rate?
What is the real story with finding the lowest mortgage rates?
We had a mortgage broker, but he wasn't chosen at random. He was referred to us by a friend, and we first checked out his integrity before working with him.
Of course a buyer wants to find the lowest possible rate, but not from a fly-by-night lender found by a fly-by-night broker. You have to remember who pays the broker's commission. It's also important to remember that "lowest possible rate" is not the only reason to choose a particular lender.
More experienced folks please chime in. But I don't think visiting a multiple amount of reputable brokers would gain you much. If you've done your homework and know what current rates are and what lenders' average fees are, then you'll know if a particular broker is truly looking for the lowest rate for you or not.
I read many of the lowest rates advertised on the Internet are for people who put 50% down and pay points and lots of closing costs. So it is nearly impossible for compare rates from one vendor to another.
Both my husband and I have FICO scores in the 820 range.
We had a mortgage broker, but he wasn't chosen at random. He was referred to us by a friend, and we first checked out his integrity before working with him.
Of course a buyer wants to find the lowest possible rate, but not from a fly-by-night lender found by a fly-by-night broker. You have to remember who pays the broker's commission. It's also important to remember that "lowest possible rate" is not the only reason to choose a particular lender.
More experienced folks please chime in. But I don't think visiting a multiple amount of reputable brokers would gain you much. If you've done your homework and know what current rates are and what lenders' average fees are, then you'll know if a particular broker is truly looking for the lowest rate for you or not.
No one can guarantee the lowest rate. If they say so, they are lying. Now, they can be competitive and you should shop around. The key is to get all the quotes the same day, same morning with the same loan scenario. You will have to give all the lenders the same information but its worth doing. They should all be similar in rate/fees as we all "fish from the same pond." If one comes in with substantially lower rate/fee it could be a too good to be true scenario and you should be wary.
Also consider referrals from friends and family who had a great mortgage experience. Whenever it comes down to the same costs but its local vs out of area lenders, go with the local. I hear from escrow officers and realtors about horrible experiences they had with out of state, online lenders who don't attend their closings and cant be reached if there is an issue during closing.
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