Why Your Current Loan Servicer Doesn't Offer The Lowest Rate

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Wholesale Vs. Retail Mortgage Rates Explained
We work with several banks and mortgage wholesalers that allows us to shop rates for our clients.  Being that we do the origination and processing for these sources we receive Wholesale Rates which are discounted from Retail Rates (rates offered from bank branches, direct mortgage lenders, servicers etc.).

There can be a large variance (both positive and negative) between lenders on a daily basis regarding the Wholesale Rate that they offer as they compete for market share.  Being that we have several sources to choose from for our client we always have aggressive pricing options.

Once we close a loan for our client the loan is then serviced by the bank, lender or servicing company.  The majority of the time they have an internal Retail division that may re-solicit the client for future business.

They will make it seem that they can "streamline the mortgage process" as they currently have the loan in their servicing department.

But, with any new loan the process has to start over from the beginning (as the majority if loans are sold to Fannie Mae, Freddie Mac or insured through VA or HUD).  It is also important to note that they only offer a Retail Rate and not a Wholesale Rate at that point.

Generally, the difference between a Wholesale conforming 30-year fixed-rate is .25%+ lower than a Retail rate and up to .50%+ lower on an FHA or VA loan (with the same fees).  Over the life of the loan that equates to a large amount of savings for our clients.

Also, as the sole-owner and loan officer I personally control our pricing model which eliminates another layer of "cost" and allows me to be able to offer even lower rates than the competition.

If you have any questions or would like a quick rate quote comparison feel free to contact me.

Click Here For More Information 


Bob McCormick, President


Toll Free 800-328-0144 

www.McCormickLendingGroup.com



"Don't Overpay For Your Mortgage"

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