Mortgage pricing varies dramatically between lenders
Should you get a retail mortgage, or a wholesale mortgage? I think you know the answer. Mortgage pricing varies dramatically. Make sure you shop around. For a wholesale mortgage check out my pops:
Excel Financial Group
So I see an article in my Google news feed yesterday that says mortgage rates have spiked two 6.7%. And, I was like, what? And do I read the article and so I read the article — they had surveyed 10,000 different borrowers. So I called my dad. He’s a wholesale mortgage broker and I said, “what are you locking buyers at today? Buyers with A paper?” Which means the strongest credit score. He said, 5.2%. And, I was like, okay, that’s more like it. So I think the moral of the story here is don’t believe everything that you read. And, also you’ve got to shop your mortgage providers. The place where you do your checking, the big-box banks are typically going to have your worst mortgage pricing and wholesale mortgage broker is going to have the best pricing and even between wholesale mortgage brokers the price is going to vary significantly. We’re talking thousands or tens of thousands of dollars over the life of the loan. So make sure you’re shopping around.
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