Rates are flat today. The Case-Shiller Home Price Index rose 0.9% in July for the was the fourth straight month. European leaders announced a Special Purpose Vehicle (SPV) that will issue Bonds and purchase European debt to improve stability in the region. Stocks are up in response. Comparison mortgage rates with no lender fees are 3.875% on a 30 year, 3.25% on a 15 year and 3.0% on a 5/1 ARM. Click here for more details.

With rates this low, I’m sure you’re seeing more spam refinance emails and advertisements. You’ll probably see some mortgage coupons, too. Don’t be fooled!

See why mortgage coupons are useless pieces of paper in today’s episode:


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

The only credit or “coupon” you should receive is in the form of a lender credit at closing. There is no such thing as a free appraisal or a fixed amount off at closing.

Every bit of that “coupon” will be priced into your loan scenario. If you are really looking for the best deal, find a lender that offers great rates and credits you for any overages your specific loan scenario creates. Everyone’s credits are different.

If you want more information about crediting overages, watch my video about this in the Mortgage Information tab above.

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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