Lender
Rate
APR
Pts.
LowerMortgage
2.799%
2.892%
1.328
B of A
3.375%
3.461%
0.603
Wells Fargo
3.250%
3.354%
NA
Chase
3.250%
3.294%
NA
Quicken
3.500%
3.742%
1.875
Why are Bank Rates so high?
You pay for their huge operating expenses; including marketing , administrative costs, pensions, and most of all their share holders!
What are people saying about us?
Ben G.
“I want to thank Mark for the great service and low rates for my son’s first house last year, for helping to refinance our house, and for coaching and assisting my daughter and son-in-law in qualifying, and ultimately buying, their first house two weeks ago. You are the Mortgage Guru, finding the right company each time, with low rates, that help make purchasing a house less stressful and with peace of mind. We will use you again and will continue to recommend you to all our friends.”
Steve A.
“Mark should be the first stop in your hunt for a new home loan or refinance. Not only can he find you the lowest rate for your loan, but he will also walk you through the entire process eliminating any surprises or misconceptions. Mark can quickly analyze your financial profile, pre-qualify you for a loan, or provide you with an estimate of your potential buying power. His extensive knowledge of available loan programs makes him the ideal choice for those buyers with special circumstances.”
Easy steps to financing your new home!
Frequently Asked Questions
What does a mortgage broker do?
A mortgage broker works on the borrower’s behalf to find the lowest rates and best loan program from various lenders. He/she gathers documents, runs credit, submits the loan scenario through an automated underwriting system, locks in an interest rate, and processes the loan until it funds
How does a mortgage broker get paid?
Mortgage brokers can get paid either directly from the lender or directly from the borrower, but not both. When paid directly from the lender, the broker has negotiated a commission between 1 -3% of the loan amount. This commission is included in the interest rate. The higher the negotiated commission, the higher the rate is for the borrower. Our commission is 1.5%.
How can a mortgage broker offer lower rates than banks?
While a mortgage broker gets paid a commission on each loan, banks pay a loan originator commission, advertising costs, staffing expenses, brick and mortar buildings, and most of all share holder’s profits. A bank’s per loan profit is substantially higher than 2.5% per loan. These higher costs result in higher mortgage rates to the borrower.
Can a mortgage broker provide a preapproval letter to purchase a home?
Yes! A mortgage broker can gather a borrower’s information, assess their qualifications, and run their application through various underwriting systems to generate a preapproval letter.