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Mortgage Interest Rates: How To Shop Lenders and Win!

hi I'm Jen beeston today I want to talk

to you about how to correctly shop a

lender for rates so that you get the

best deal the most savings now I've been

a mortgage originator for over eleven

years this is what I do all day all

night and I see a lot of mistakes that

people are making when shopping for aid

and it's making it so they don't get the

best deal so I'm gonna share with you my

top tips so that if your rate shopping

you get the best deal so tip number one

you're gonna want to compare all the

lenders on the same day the reason is

this so if you get Bob's rates on

Wednesday and Mary's rates on Fridays

they're not they're not Apple to Apple

because the markets change every single

day and markets can have fluctuations I

can see as much of a quarter percent

change in one day so you might be

talking to Bob on a good day Mary on a

bad day but if you talk to them on the

same day Mary might be better so you

want to make sure that you're shopping

the lender within the same day and I

would usually say a four hour window you

just have to sit down and do it and if

someone says oh I can't do rates over

the phone why they're yeah you can if

you say to a lender a lender is always

going to need basic information loan

amount if it's a purchase how much

you're putting down what your credit

score is that's what we need to pull

rate we can pull rate some of that o in

property type okay and you can compare

based off of that now the second place

where people mess up is they get the

rates but they forget to ask what are

your fees okay and that one can be a

little bit tricky so I would always say

to an originator hey can you just email

me what your fees are you know your fees

your company's fees to do the loan so I

just have it okay you don't want them to

send you something with title and escrow

fees because they don't control that

that's a third party you do want them to

give you what they think the appraisals

going to be

once again they don't control it that's

a third party you care about their fees

okay because once again if bob is

offering you four percent but his fees

are four grand and Mary's offering you

four point one two five

but her fees are a thousand dollars

right you got to get the fees okay and

you want to make sure that when you're

looking at the fees you're not focusing

on noise okay but I see a lot is people

are like oh well if I close with Bob my

closing costs are only six thousand

dollars whereas if I close with Mary

they're eight thousand dollars and when

you look at it you go well yeah because

Bob estimated your property taxes is if

you're in a different state like of

course that's wrong the origination

charge which is what the actual lender

charges may be less over here but if

they're estimating something different

over here it just doesn't line up so you

want to compare the origination fees now

something that would be considered an

origination fee would be underwriting

processing at fie credit report fee

flood cert fee there's there's sometimes

there's a lot of junk fees get thrown in

there so you really want to know what

you're dealing with an entirety because

sometimes an originator will say well I

don't have any fees but there's a

thousand dollar underwriting fee a two

hundred dollar processing fee a $75 doc

drawing fee like it could be endless so

you really want to understand that the

third thing you gotta get your BS

detector out I know we all have one but

you gotta use it so if you talk to three

lenders and let's say I mean Bob and

Mary are getting a lot of abuse but

let's say Bob's at 4% Mary's at four

point one two five and Jane is at three

percent yeah I would be a little bit

suspicious of Jane because you'll see

changes like the most I usually see

between lenders is going to be half a

percent maybe point seven five over a

percent but a full percent is crazy

dramatic and the odds of them quoting

the same program loan program is

really low and one of the things that we

see is you know I'll get a call and

someone will be like oh well Gary can

give me three and a quarter percent and

I'm like is that 30-year fixed-rate and

they're like well he said it's a 30-year

fixed loan I'm like no no is it are you

sure

and they go wait he said it's a 30-year

loan okay that's an alarm so if the

lender says it's a 30-year fixed loan

that means the rates fixed for 30 years

if the lender says it's a 30-year loan

that doesn't mean anything it means that

the loans for 30 years but it doesn't

mean the rates fixed for 30 years and a

lot of people will go you'll go well

it's an arm right and they'll say no no

no it's a hybrid okay the hybrid sales

pitch like if your lender watching this

it's like no I have lenders the watch

says and you do the hybrid sales pitch

like you should just slap yourself

across the face right now it is so gross

and lame so for a consumers watching

this cure house 8 the hybrid pitches

this it's an arm it's an arm

it's an adjustable rate mortgage on a

30-year term so is fixed for a certain

period of time 3 5 or 7 years sometimes

10 years and then it can adjust

thereafter you if you think it's an arm

you're a it's an arm okay but it gets

sold as no no it's not an arm it's a

hybrid it's on a 30-year term it's like

a 30-year loan it's just you've got this

special rate for 5 or 7 years it's an

arm on a 30-year term your rates gonna

change after 5 or 7 years whatever it's

locked at so you just want to be really

really aware that sometimes people

aren't gonna be the most ethical when

they're talking to you because the

bottom line is is that mortgage

origination a lot of its sales and

sometimes there's people that are just

pure sales and that can be really

dangerous as it can see

because you're trusting them to have

your best interest at heart and as we

know in life not everyone's always gonna

have your best interest at heart

so three tips number one compare your

lenders on the same day within a

four-hour window number two you need to

compare their fees their fees not title

and escrow not taxes not appraisal

because all that's gonna be the same no

matter what lender you pick and number

three get your BS detector on because

you need to watch out for the scam

artists because they are looking for you

so I hope this has been helpful if you

ever want to shop a rate quote please

reach out to myself or my team we are

always happy to give you the straight

truth and bare facts thanks so much for

watching