Home Equity

Home Equity - The mortgage industry in general is like playing the stock market. Any stock can go up or down at any time. Well, same goes for the industry rates. All the banks fluctuate in their rate. Bank of American could be the best one week, and then SunTrust is the best, or Citi, or Chase. For a good loan officer, they will check as many as they can, because contrary to popular belief, there is only one automated system for looking up rates, and that system costs more than most peoples mortgages.

I actually tinkered with building my own system, but the banks do not cooperate. Which makes sense, the less they help the more they rely on name brand rather than price. Meaning they make more money per customer than being competitive.

So how do you get a good rate? Credit helps but ultimately being shrewd and playing all sides, meaning just go with all the brokers/banks that tell you a good rate. The escrow company may push you into picking one, but you dont have too. Because when you get those final papers and the guy promising the world gives you the shaft you will have some backups ready.

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