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“Rate Shopping”

Posted on May 6, 2013 by Ray Williams.

Everyday there is a new advertisement on the radio, over billboards, in rolling on the side of your social media sites, about “low rates”.   Yes, rates are at record lows, and yes, this puts many of you in a good position to purchase and/or refinance.  These low rates are definitely helping the housing market, more people are feeling more confident about entering or “re” entering the housing market.  The only bad thing about “low rates” is it causes “Rate Shoppers”.

Don’t get me wrong, there is nothing wrong with looking around for a good rate but I feel you should know that, this should not be the ONLYfactor to consider when looking for a lender.  There is much more to getting a mortgage loan than just the rate.  I really can’t emphasize this enough. 

There are more factors to consider rather than just hanging on to “who can get me the best rate”.  Haven’t you heard “you get what you pay for”. Well, sometimes this can be the case when you are just rate shopping.  Just because you chose a lender or broker with the lowest rate offered doesn’t guarantee you got the best deal and/or the best service.

When looking for a lender you not only want to know that you are getting a good rate, but most importantly are they going to be there to help guide you through the mortgage process, answer all your questions, offer the BEST OPTIONS for your personal situation.  Maybe a Conventional 30 yr fixed rate was the lowest BUT really you would have been better in a 15 yr or maybe even a 3/1 Arm. How would you know if you don’t ask, or in my case, if they don’t ask me?  And how can a lender ask you if you are leading the conversation with “what are your rates?” . Most lenders will provide you with an answer BUT should also try and get more information from you,  IF you are unwilling to put down your guard and open up by answering further questions, don’t shut the conversation off because they didn’t hit your magic number.  If you do, you might not get the best deal after all. 

There are clients I have helped just by getting a little more information, I didn’t necessarily get them the lowest rate BUTDID get them the lowest monthly payment.  The lowest payment doesn’t always have to do with the rate…Something to think about.

The questions you should be asking a lender is “How long have you been in the business”, “Do you have letters of reference or “Can I contact any past clients?”, “what loan options do you suggest for my situation?”.  ANY of these are better than “what are your rates?”!

For more information and/or questions please contact me.  If you would like to get pre-qualified please complete a secure online loan application. 

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~Chew on this,
Ray Williams

Branch Manager

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