Choosing a mortgage lender is one of the most important decisions you’ll make in the home buying process — yet most people spend more time researching a refrigerator than they do selecting who will handle the largest financial transaction of their lives. Here’s how to shop lenders the right way, including questions that will quickly reveal whether you’re talking to a true mortgage professional. [Read more…]
Picking your next mortgage by rate shopping? You might as well be playing Liar’s Poker.
October 23, 2007 by 8 Comments
Rate shopping to select who will be assisting you with your next mortgage is similar to playing “liars poker”. The Loan Originator who is the most successful at bluffing wins. The fact is, unless you’re locking in the rate at the moment you’re shopping, you don’t have that rate. It’s a rate quote–that’s all. Mortgage rates change throughout the day. They are based on mortgage-backed securities: bonds. Some lenders I work with offer “live pricing” and others issue rate sheets; sometimes we can have several rate sheets offered by a lender during one day.
