Low Rate Advisors [Good rate?]

Guest 0.10 Dollars($)

I used the Low Rate Advisors search engine and the lowest rate it showed was a 30 year @ 4.2% from Coastal Mortage. Are there any other better search engines? Do you think I can do better?

Guest 0.10 Dollars($)

Hi,

This indeed is a very good rate. Specially when the market is on an upward trend.

Zeal_Deal

jerry · Posted: Sun Apr 09, 2006 7:11 pm Post subject: RE:

Hi.

Rates for most of the mortgage program are above 6% at the moment. I think you need to cross check the rates once. You can do that using our rate chart.

Please feel free to ask us if you have any more doubts.

Thanks,
Jerry

Bill · Posted: Mon Apr 10, 2006 10:59 am Post subject:

Ramses,

Low Rate Advisors, Bankrate, Lending Tree, etc., etc. are nothing more than marketing companies selling your information as "leads" to mortgage companies.

There is no truth in advertising and the quoted rate you received is pure bait-and-switch advertising designed to get you into the loan process (after all - you won't call unless they have the lowest rate quote - right?!).

Every mortgage lender sets rates based on the same secondary market re-sale conditions and current no-load 30 year fixed conforming mortgages are ticking-up toward 6.375% ... this is a FACT, as opposed to advertising.

Some other facts about lenders, rates, published rates and rate quotes:

All Lenders ARE Brokers: Regardless of advertising, all lenders (local banks included) sell or assign mortgages on the wholesale market and the cost of money is dictated by these sources.

Wholesale Rates Post Daily At 9:30am EST; Quotes or published rates prior to this time are not accurate.

Rates Change Throughout The Day; Like the stock market, mortgage rates change intraday as market conditions affect mortgage backed securities.

Published, Faxed & Web Posted Rates are All "Old" Information by the time they reach consumers or real estate professionals.

Quoted Rates Have No Real Meaning - unless the consumer is in a position to lock prior to a market change.

Published rates and rate quotes are an advertisement to get the borrower into the loan process. There is absolutely no guarantee that the published or quoted rate will be honored or that the final rate will reflect a possible improvement in the market (a better than quoted rate).

If you choose a lender based solely on the "Best Rate Quote", you are very likely to get a big surprise later. Make sure you shop smart - not just rate!

Don't gamble with something as important as your mortgage. Seek out a local mortgage broker that shops on your behalf, is competitive, makes the process easy and closes as promised.

Best of luck!

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