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Mortgage Rates Vary by Lender

Do You Think All Banks and Mortgage Brokers Have the Same Rates? THEY DON’T!

It’s a common misconception that all banks and mortgage brokers have the same mortgage rates and mortgage products. On any given day mortgage rates WILL be different at different banks and different mortgage brokers. The truth is that consumers, including both first time home buyers and experienced home buyers should be shopping around for the best mortgage rate and overall mortgage package. There isn’t one single mortgage rate on any given day and the fees associated with mortgages aren’t the only factors that can vary between banks and mortgage brokers.

Mortgage Rates Can Vary by a Full Percentage Point on the SAME DAY

Mortgage rates can vary more than one might think. In fact, they can vary by about .375% (and mortgage officers at Executive Mortgage have even seen mortgage rates that are a full percentage point lower) for the exact same loan product depending on who you’re getting your mortgage loan through! That might not sound like a lot, but it can amount to tens of thousands of dollars in interest paid over the life of a typical mortgage. Of course, the actual amount of interest you pay is dependent on the size of the loan so the larger the loan the more you’ll save by shopping for a better rate, however the savings can still be significant on smaller mortgages.

Don’t Miss Out on Potential Mortgage Savings

Unfortunately, not all people realize this fact regarding mortgage rate variability, and they miss out on potential savings when making one of the biggest purchases of their lives that can and will affect their future financial health. The mortgage loan officers at Executive Mortgage in Green Bay, WI are knowledgeable and experienced and can answer any questions you might have. Their goal is to ensure you have the best experience as well as the best mortgage products and rates, that’s why Executive Mortgage has been in business so long (since 1996, (check our their reviews here) and why they have so many repeat customers and customers  that choose to refinance and purchase their next home / investment property with Executive Mortgage when mortgage rates drop or utilize their services when they are ready to trade up or trade down or buy a second home.

Why Do Mortgage Rates Vary by Lender?

You might wonder why mortgage rates vary by lender / bank / or mortgage broker. Shouldn’t mortgage rates be the same everywhere? Mortgages rates will vary depending on what the lender wants to / has to make off the loan. Typically higher rates mean the lender is making more on the loan to cover overhead or just increase their profit margin

Why Do Mortgage Rates Vary by State?

Mortgage rates are determined by a variety of risk factors, including a borrowers credit, down payment and even location of the house. So in higher risk locations , where more natural disasters and weather events occur, you may see higher rates. These areas also can require additional insurances like fire, flood and hurricane insurance.

Other Mortgage Loan Variables

Some other mortgage factors besides rate that will vary are things like pre-approval process, document and data collection, length of time the rate is locked for, duration of the mortgage, mortgage points, private mortgage insurance, origination fees, timeliness, responsiveness, the number of days to close the loan, final approval process, and funding. Personality of the loan officer, experience, clarity of explanations, tech savviness, mode of communication, and cooperativeness with other parties in the transaction are also things that will impact both the transaction and your experience so it’s important to gather some information and find a loan officer / bank / mortgage broker that fits your needs and that you can trust to ensure your experience is a happy and successful one.

Contact a Mortgage Broker / Loan Officer BEFORE You Think You’re Ready to Purchase a Home

Another common misconception is that people think they should contact a lender when they are ready to purchase a home. However, a good mortgage loan officer can actually help access and guide you well before you’re ready to pull the trigger on a home purchase. They can analyze your credit report and score as well as your income and total financial situation and make recommendations to put you on the path to buying a home and for most people it’s a great a idea to go through this process well  BEFORE you’re ready to purchase. Do you think that maybe one day you would like to buy a house? Then talk to one of the experts at Executive Mortgage to get a little guidance and answer any questions you might have. It’s a no pressure (and no cost) experience and there really isn’t any risk or downside to knowing what you will need to have in place when you are ready to make a purchase. So what are you waiting for? Get in touch today!