Mortgage Prime Rate
RE: What's the deal with these mortgage companies?
I have been shopping mortgage rates / lowest monthly payments for a home purchase for about a month and half. As far as I can tell-they're all pretty much the same. The only question is how much interest you want to postpone and for how long. All loan packages fundamental work outside the prime rate for the given day. None of these companies will lower rates for you unless you pay down points. These various loan packages from these companies seems to me that they are (to use an analogy) basically sell you the same type of car only with a different paint job. Am I missing something here?
You are somewhat correct. They basically are all offering the same – but now and then you will find one or two who are willing to give you a better price than others. We just bought a new home and I went through the same thing. I have a very good credit score so I knew I could get the rock bottom of April's out there, so I looked around. There were a couple that seemed good – so I called a few more and found out that the ones I had previously thought were good were not as good as I thought. they offered me 5.75 with 1 point or 5.5 with 3 points. This was on a 277,000 loan so it's a lot of mula. I ended up going for Wells Fargo with no points 5.625% It was a good and very competitive. The others came from Lending tree – but I found Wells Fargo on my own. Good luck