I got a call tonight from a would-be client, but had to refer this out to a buddy still originating mortgage loans. And the 1 question that drives loan originators crazy: "What are your rates?"
PSA: When it comes to mortgage rates, banks/lenders/financial institutions do NOT have control over this. A person has the ability to buy down the rate, but the rate (and cost of rate) itself is a non-controllable.
The rate is the rate, and no financial institution will have a "magical rate". Mortgage rates should be similar across the board with a very small differential. Think gas prices: They are typical in line with each other, maybe a few cents +/- difference.
The analogy I used to give clients is cash currency: banks don't have a money printing press in their back rooms, but rather get it from the same source. Same principle with mortgage rates.
I will say there are MANY mortgage loan programs out there, and far too many for any one loan originator to know them all. Some banks/lenders may have an "in-house" program, but in which they can set their own stipulations/rates/etc. and may not be a traditional/conforming loan.
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