Mortgage interest rates have more than tripled in the last year. That is an increase of approximately 300% increase in mortgage rates. Many home buyers considering purchasing a home are now looking for the lowest possible mortgage interest rates and closing cost.
Now more then ever, home buyers are asking if mortgage brokers can deliver better mortgage terms than working directly with banks or mortgage lenders.
We want to answer this popular question for all the home buyers in need of capturing the best loans in the market.
Why mortgage lenders cannot offer the lowest interest rates and closing cost mortgages?
Mortgage lenders and banks do not offer multiple lenders interest rates when submit a mortgage inquiry directly to the bank or lender. Conversely, the mortgage lender can only present you with the interest rates they offer for the loans you qualify for.
No two banks or mortgage lenders rates are the same. When you apply directly with a bank or mortgage lender you will miss out on the opportunity to capture a lower interest rate mortgage loan.
Unfortunately, banks and lenders will not inform you that their interest rates are higher than what you will find by shopping for the best loan terms.
How much more can I save by finding the best mortgage loan in market?
We have calculated the difference between a 6% and 7% mortgage rate on a 30-year fixed rate home loan to determine how much money the average homeowner is losing by not getting best mortgage rate.
On a $ 450,000 purchase price, the home buyer who could purchase an additional $ 44,500,00 more in home value for free compared to an ok rate mortgage home loan. This means for the same payment on $450K 7% loan, you could purchase a $494.5K home for the same payment.
This is a huge instant cash value savings that home buyers capture when they purchase a home using the lowest rate mortgage in the market.
Is there a way to scan real loan offers from multiple mortgage lenders without spam calls or emails?
Yes, there is one website that represents several National mortgage lenders and banks. EquiFund’s mortgage app provides a fast 3-minute loan search tool that identifies the lowest interest rate and fee mortgage loan in their marketplace. This mortgage app will also provide you with an online mortgage pre approval as well.
EquiFund’s mortgage app use automation that eliminates the high cost of loan originator commissions. The cost savings from not having to pay loan originator commissions allows EquiFund Mortgage to provide interest rates on 30 year fixed loan that average 1% lower than most all other mortgage lenders rates. Therefore, EquiFund provides the lowest Interest Rate Mortgage Guarantee.
Mortgage brokers are great, but automated mortgage brokers guarantee the lowest rates and fee loans.
Leveraging automation coupled with a qualified mortgage broker with over 22 years of mortgage lending experience will lead most home buyers to the promised land of homeownership without the burden of overpaying on their mortgage loan.
In conclusion, when homebuyers access multiple mortgage lenders interest rates and closing cost, they are able to identify the best deal in market which can lead to capturing an additional $ 44,500 in purchasing power for free.