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Mortgage Rates

Who has the best mortgage rates?

When shopping for a rate whether to refinance or purchase a home it is important to realize that until your rate is locked, the rate can change.  The rates not only change each day but often will change throughout the day.  Since lenders know whether you are ready to lock, it is common for unscrupulous lenders to quote the rate on the low side to capture your business.  Later, when you are ready to lock they can simply tell you that rates have changed. 
 
Most all lenders have access to low rates but not necessarily the loan officer himself.  If the loan officer works for a bank or a direct lender, he will be able to offer you what the lender allows him to offer you.  Ultimately that will be what the bank has paid for that money plus a margin.  The margin will be an amount needed to pay that loan officer, that loan officers’ manager, the underwriter, the docs drawers, legal, advertising, vacation pay, benefits, overtime, sick time…all of it.
 
If the loan officer is a mortgage broker then he will have access to wholesale rates much the same as a bank or direct lender.  He then will add in his margin before offering you a rate.  He will not have to add in a manager, his manager’s manager, overtime, benefits, advertising, etc.  It will depend on how many things he needs to pay for but most often it is not near what a bank will need.  You will never see a broker with marble floors and advertisements during the Super Bowl as you would with a large bank.
 
Due to just this reason, a mortgage broker will be your best bet in having the best mortgage rates. 
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