Rates are flat today. Mortgage bonds are drifting downward slightly and stocks are up in anticipation of Friday’s speech by Fed chairman Ben Bernanke. I recommend locking. Today’s comparison mortgage rates with no lender fees are 4.25% on a 30 year, 3.375% on a 15 year and 3.0% on a 5/1 ARM. Click here for more details.

Today we’ve got three special guests (Aaron, Tony, and Nate) who really wanted to be on today’s show. You’ll find their “expert commentary” on-screen. Add your two cents in the comment section below and join in the “fun”.

Just because your friend found a great hammer, doesn’t mean you should use it to fix your clogged toilet. To a hammer, everything is a nail. To a screwdriver, everything is a screw. You might need a wrench or FHA loan that isn’t offered by your best friend’s mortgage guy.

Referrals are only the start.

I take a break from my travels to explain:


(Watch it on your mobile phone or email reader here)

Even though your friend found the perfect loan officer for their mortgage, it doesn’t mean you found the right lender for your situation. For instance, if you want (or need) an FHA, USDA, 203(k), or VA loan, the lender that doesn’t offer those programs won’t be the right fit.

To a hammer,

everything is a nail. To a screwdriver, everything is a screw.

If the lender only does conventional mortgages, what kind of mortgage do you think they will recommend? Ask questions and find out if that lender is able to get you the best deal on the right mortgage.

Also, make sure your referral source does not have any financial interest in your referral. If they can stand to make money off of you, they’re not really looking after your best interest.

Bottom Line: Referrals are a great place to start shopping for a mortgage. If the loan officer you’re referred to does not offer the products and services you need, don’t be afraid to look elsewhere before locking into a loan.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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