The editors at MND receive feedback from hundreds of us in the industry everyday as to what sort of rates we are seeing in wholesale, correspondent, and retail contexts. (Loosely translated as brokered, warehoused, and bank-funded transactions). In most cases, it is not an individual lender that is “advertising” these rates, but rather we are all reporting the “best we see” in any single moment of time. In some cases, the pricing of these loans is live and changing every minute. In order to get the best available rate for your exact circumstance, discuss your loan with several local lenders. Make sure you evaluate their costs, rate, and level of service and expertise, as all of these items come into play when arranging the “best possible loan”.
Remember that the posted rates may not apply to your exact transaction – factors such as credit score, property type, loan purchase (purchase, refinance, cash-out, rehab, etc), loan amount, state or county, lock period, and others can affect the rate and term that are available to you. Price several sources, including lender and broker shops, and ask what factors make up the pricing of your loan. Use the independent information gathered here to formulate a personal lock strategy and a ballpark for acceptability, and then … trust yourself. You are more of an expert on your own finances than anyone else – regardless of the posted guideline rates, you and only you will know when the deal you are presented is right for you.