Unveiling the Mortgage Rate Differences: How Lenders in Today’s Market Vary
How much mortgage rates can change depending on the lender you work with.
Are you wondering if there’s a difference in the mortgage rates among the lenders in today’s market? According to the Consumer Financial Protection Bureau (CFP), there is. Today, I’m here to dive into this topic so you can make informed decisions.
With conventional loans, there can be as much as a 0.5% difference in mortgage rates. Also, the difference can be even bigger with government loans, at 0.6%. Therefore, if you're looking at a 7% interest rate, you might be able to get it down to 6.4%.
This shows that it pays to shop around. We always recommend getting at least two opinions. You can get more, but get at least two because there are always other costs involved besides just the interest rate.If you have any questions, you can call or email me anytime. Also, you can click here for access to a website to get the mortgage process started. If there’s anything I can do to help, let me know!