Mortgage Myths
Myth: I will get the best deal by having a mortgage broker shop for the best loan for me.
Reality: Consider this: far fewer than 1% of the mortgage professionals in the country use anything like the sophisticated pricing engine that powers Lender Rate Match, allowing us to compare thousands of actual rates and programs, updated daily. Without this technology, it can easily take a loan officer a full week's time to find rates with the same lenders our system searches in seconds.
Most brokers find rates by contacting the few lenders they like to do business with and requesting a quote for your scenario. What if the mortgage broker is lazy and doesn't shop at all? It's not unusual for the broker to run the loan request by the next lender rep who walks through the door looking for business (and who, by the way is also usually paid on commission for loans closed), not caring whether a better rate might be available.
Now, you can shop for the best rate on your own and don't have to worry about how thoroughly your broker is shopping for you. If you already have a loan officer you want to work with, no problem. Just ask them to match the rate our system shows you!
Myth: I will get the best rate by letting multiple lenders "compete" for my loan.
Reality: The only reason you need multiple brokers or lenders to contact you is that you can't find out what the best home loan might be, unless you talk with multiple lenders. Even then, it is hard to tell who is accurately quoting you a rate. Do you really want five lenders calling you, or do you just want the best rate? If your answer is "the best rate", you've come to the right place.
Myth: The Internet already provides plenty of opportunities to shop for the best mortgage.
Reality: We are stunned at how ineffective Internet loan search technology is, which is why Lender Rate Match was developed in the first place. So-called mortgage shopping websites fall into two categories: lender sites which have an inherent bias, and lead generation sites which simply gather a consumer's information so it can be sold, usually to multiple lenders or brokers, who may or may not have the consumer's best interest at heart.
Imagine if Internet travel sites made you fill out a long form about the trip you want to take so that several travel agents can contact you. Or if the only way to shop for a television online was to fill out a form and wait for stores to call you. Sounds so last century, doesn't it? Until now, that's how mortgage shopping sites have worked. It's time for a change.
Start searching and find the
lowest mortgage rate now.