If any of you are wondering about mortgage interest rates in Brighton Michigan compare to other communities across the country, you would be surprised. From state to stae theese rates differ by as much as .500%. I understand that Brighton, Howell, Pinckney, Hartland, Hamburg, Whitmore Lake, and Fowlervile are considered declining markets however, this seems a bit unfair.
We want to be competitive for our clients and to do so we would like your help. If anyone sees these fluctuations as we do, please let us know. Our interest rates are posted daily at www.44mortgage.com. As interest rates are moving up and down by the minute, it gets crazy. What is the best way to look out for our clients who wish to buy a home or to refinance. In the time it takes us to complete a mortgage transaction, usually 21-30 days, the client may have locked in on an interest rate. Then by the time we close, interest rates may have dropped by as much as .75%. We are stuck and they are locked. We cannot give them the lower rate due to we are locked in with a lender. If we pull that mortgage from the lender we have chosen, and go to another lender to get the better rate, we as a broker stand the chance of loosing our ability to broker to the lender we had originally locked in with, thus potentially hurting future clients with brokering to that lender. Wow! It gets nuts being a mortgage broker.
We as a mortgage broker, have 117 lenders we have to compare interest rates on a daily basis and see ranges of rates varying of up to .5%. Boy I hope the Government gets control of this situation and stabilize this market.