Lowest 30 year fixed mortgage rate
Purchase price $937,000 w/ 20% down
6.873%
Lender
Rate
APR
Pts.
Lowermortg
6.87%
6.94%
0.698
B of A
7.12%
7.23%
0.697
Wells Fargo
7.12%
7.25%
NA
Chase
7.12%
7.25%
1.000
Quicken
7.25%
7.57%
2.000
805-402-6357
Bank vs Broker?
About Us
https://lowermortgage.net has built a strong reputation as an outstanding mortgage brokerage firm serving the lending needs of consumers and real estate professionals We are a full service mortgage broker licensed in California with an experienced staff offering expertise in every area of mortgage lending, from purchase to refinance. We have access to a full range of mortgage sources and our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our clients unique needs. We provide regular loan updates and progress reports throughout the lending process so clients always know the status of their loan. We take pride in making the loan experience a quick process and often fund loans within 15 working days of the loan application.
Our Mission
Our mission is to provide our clients with the highest quality of professional mortgage brokerage services. We strive to create a positive, informative and tailored experience for each and every individual while helping them to secure the best mortgage solution suitable to their needs. We are committed to helping our clients make informed decisions and to provide them with a seamless and stress-free mortgage process.
We provide Californian’s with the lowest available mortgage rate, various loan options, and mortgage education to make the best informed decision for their unique situation. Client satisfaction and transparency drives the success of our company.
What to Expect When Buying a Home
Buying a home can be both exciting and overwhelming! We work with you and your real estate agent to facilitate a smooth transition to closing. Most real estate contracts allow a 17 day contingency to acquire financing for the property that you intend to purchase. Upon completing an application and gathering the particular processing documents (ie; income, asset verification and insurance), we underwrite the application, request the appraisal and insurance, and coordinate with escrow a closing date. Updates are sent to the borrower, the real estate agent and escrow during the process
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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 1.375 and we have a maximum compensation of $7,000 per loan to make us among the most competitive loan originators.
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.