Pick a lender based on Mortgage Rates.
Do mortgage rates really differ from lender to lender? The truth is that actually is that mortgage rates don't really differ from lender to lender. Those pesky things called mortgage rates are very similar from lender to lender when you consider all the options that go into them, First it must be for the same loan program, the same borrower (with the same credit score,) for the same property and finally for the same loan amount. That's a lot of the 'same' stuff! Here's the secret though, that means if you're shopping around trying to find the best rates, a change into any one of those means that the mortgage rate will change. Often times the mortgage rate can be different from loan program to loan program, for example: typically a VA loan will have a rate lower than a conventional home loan rate. So it's not really possible to pick a lender based on mortgage rates.
So how do mortgage rates change so quickly? Well that is really based on how they really operate. Mortgage rates are based on mortgage-backed securities (MBS)and that's what causes them to fluctuate, sometimes these rates can change quickly in the entirity of a day. So now you know that when you talk to several different lenders even throughout the course of one day those rates can move and that's why it's important to not Pick a lender based on Mortgage Rates.
So now that we know what mortgage rates are based on and all the lenders are getting the same information, you can understand how mortgage rates will be similar from lender to lender as long as you are shopping for the same product with the same variables .The movements of mortgage backed securities can be traced quite easily just like the stock market and you can go to several public sites that will give you the average rates in the country for different states for different products. If you are shopping for a mortgage , either a refinance or a purchase mortgage, Here is one of the sites that you should check out Mortgage News Daily ; it is a free site with great information about the market movements for mortgage rates unlike most of the other sites that gather your information and sell it to lenders who buy their leads.
If you'd like more information on today's mortgage rates or on how you can get pre-approved for a home loan.
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