I have heard it is best to shop around to see which broker has the best rate. How come different Mortgage Brokers advertise different rates in the newspaper and on the internet?
Something you may be surprised to learn, is that all Mortgage companies and brokers receive exactly the same rates from the mortgage wholesalers. So that means that any mortgage broker can give you exactly the same rate as any other, provided they are knowledgeable and are matching you up with the right loan based on your credit score and employment history. When you look in the newspaper or on the internet, find the ones that have the lowest rates, and then call them, you will generally find that for some reason you probably do not qualify for the low advertised rate. This should not surprise you, haven’t you ever bought something on the internet that was the guaranteed lowest price only to find a large shipping and handling fee that suddenly made their cost much higher than advertised? There are disreputable mortgage brokers who use questionable or unethical “bait and switch” advertising to find customers, and many times the differences in rates or in loan costs do not reveal themsel
