There is no trick to getting a great mortgage. At www.michaelfoote.com you’ll find a independent mortgage banker who takes pride in trying to get the best deal possible and any given moment. Can I predict moves in rates, no. No one can. But what I can promise is my profit margin is much lower that most lenders and brokers and I can prove it. Big banks can mark-up their rates and consumers really have no way of knowing what the “mark-up” is. You see mortgages are really no different that apples. Apples are shipped all over the world and depending on the cost to bring that apple to market and the margin the company selling said apple needs to charge over their cost is the price you are going to pay for that apple. Mortgages are no different.
Today the vast majority of mortgage peeps are selling the same product. Sure there are small differences in product (Macintosh, Red Delish, etc) but they are all still apples. I don’t have a large marketing budget, I don’t deliver donuts to Realtors and I don’t “pay-to-play” with Realtors, and I work from home. All this allows my costs per funded loan to be lower that some of the larger lenders and even some larger mortgage brokers.
The real conclusion here is you need to work with those you trust. Your gut should tell you who to work with and if you don’t trust your gut. Go with a personal referral and NEVER deal with someone that won’t put their offers in writing and guarantee your lock terms.
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