Don't blindly accept a Realtor or Builder referral to apply for a Home Mortgage through their preferred lender. Many times they'll say, "We work closely with he and he gets the work done ".Translation: "We play golf together and he buys the beer ".Remember, the Realtor won't be paying the bill monthly for the next 30 years, you will.
Mortgage Loan Officers that work from a referral network of Realtors and Builders don't need competitive Home Mortgage Rates because they have a regular stream of "Drones" (people who're referred for them and don't shop) calling them. Look around, get the best cost Home Mortgage Rate, then if you're inclined, approach the "preferred" Loan Officer you were known and ask him to fit the quote.
If you apply for a Home Mortgage by way of a preferred lender without shopping, you will pay hundreds as well as tens of thousands of dollars in additional costs.
Tip #2: Call For Home Mortgage Quotes After 11:00 a.m. Eastern Time
Mortgage Rates change Mike Bergum day and sometimes midday. The prior day's rates typically expire by 8:30 a.m. the next morning. Generally, Home Mortgage Rates are published each day by 11:00 a.m. Eastern time. This varies from lender to lender. To be sure you are becoming Home Mortgage Rates from the existing day and not a combination of rates from the prior day from some lenders and the existing rates from other lenders, always do your rate shopping after 11:00 a.m. Eastern time.
Get your entire quotes after 11:00 a.m. Eastern time.
Sometimes Home Mortgage Rates change midday because of volatile bond market. When this occurs, some Home Mortgage Lenders will adjust the Discount Points due to their rates relating with the new bond prices and publish new Home Mortgage Rates for that day. Other Lenders may continue steadily to honor their morning rates.
Tip#3: Always Tell The Mortgage Loan Officer You Are Prepared To Apply For A Loan NOW
If you should be purchasing a home, tell the Home Mortgage Loan Officer you are Rate shopping and you have a "ratified contract" to get a house. Tell him you would like to make a decision and Lock-In an interest rate on that day, but you've to test additional lenders. If he asks you how his rates compare to the others, tell him he's the initial person you've called. If you are refinancing, tell the Home Mortgage Loan Officer you are ready to utilize for a Refinance Home Mortgage today. If you never tell him that, he may provide a fake Home Mortgage Rate quote.
Loan Officers know you will probably talk to another lender with lower Home Mortgage Rates and the only method he can be certain for you really to call him back would be to give you a fake quote that seems to be the lowest. He's expecting you will rate search for several days and figures you'll call him back in one day or two because he provided a low, bogus rate quote. Also, since Home Mortgage Rates change daily and are subject to improve whenever you want, he's not concerned about providing you a fake quote.