Mortgage Quotes

Mortgage Quotes - The single best indicator for mortgages is the 10 year treasury bond. However, it’s not always a one to one relationship. Some days the bond goes down and mortgage rates continue to go up. A search for “Mortgage Rate Sheet” will show you typical rate sheets most likely subprime. However you won’t find the big player rate sheets so easy. Bank of American, Chase, Wells Fargo, ect. will only give out their rates to approved brokers. Contrary to popular belief there isn’t a consolidated system that will spit out the best rate among all the banks. Sounds more professional when you say you have a "special program". There is only one system for high credit score customers that I am aware of, but my demo yielded too many inaccuracies.

I will spare you the details of the system, but for short, everyone makes money from the person getting the loan. As the loan officer, I make a commission. Then the account rep from the bank that I sent it to, gets commission. Then the Bank sells the mortgage to make money. And ultimately the person holding the mortgage backed security is earning from the customers interest.

I hate account reps. They are “yes” men/women. You would figure they had studied up on the guidelines and principles of their bank so that if I have a question, I can get an accurate response. But instead I get the generic, “we can do that”. Which does me more harm than good, because then I tell the customer that, and it ends up that we can’t. Guess who gets the heat? And they don’t have to take any responsibility. I got some great stories that I will have to share later on.

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