Why Your Current Loan Servicer or Bank May Not Offer You The Best Rates

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Low Overhead + Low Margins = Low Rates

Without question mortgage rates are a very hot topic.. 

One common question that  I am often asked  is how I can generally offer a lower rate than the homeowner's current lender/servicer (even though I may have originally closed the original loan for the homeowner with this same servicer)?

As a wholesale broker I receive wholesale rates which are generally .25%+ lower than what a homeowner's current loan servicer will offer directly as they price rates as "retail" and not "wholesale".

Their hope is that the homeowner does not question the fact the loan servicer is only handling the mortgage payments (most of the time Fannie Mae, Freddie Mac, HUD or VA owns or insured the loan) and a brand new loan has to be originated on any refinance. 

Ironically, I  work directly and receive wholesale rates from a very well known "automated" lender that advertises day and night on television, internet and the radio through their retail channel.  But, when comparing our "wholesale rates" versus their "retail rates" we are on average able to offer much lower rates for our clients!

If you have any questions or would like to make sure that you are in the best mortgage available feel free to contact me.  And, as always, your referrals are greatly appreciated!
 
Bob McCormick, President
 
Toll Free 800-328-0144 
Email- McCormickLending@gmail.com


Lending in Arizona and California 

 Residential - Commercial - Portfolio - Private - Reverse 


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