Mortgage rates are down today!

Today I wanted to share my experiences at a meeting of home buyers. The look on their faces was priceless!

I also cover:

  • Why referrals aren’t always good for you
  • The difference lower mortgage rates make

Here’s more:

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


Just in case you missed yesterday’s episode, I went on the road to see a group of realtors and their pre-approved buyers.  I showed the realtors the importance of making sure their clients are getting the best deal on their mortgage and showed the buyers a couple methods of shopping around.

It is always funny to see the expressions on people’s faces when I show them the difference between their current deal and the deal they should be getting.  For one person, the money they would save on closing costs would get them below the 80% “Loan to Value” mark and save them from PMI.

It was great to help open the eyes of buyers and agents.  Now it’s up to them to make sure they either renegotiate the terms of their mortgage or contact Mike so he can find them someone that will.

On another note, today I wanted to talk about the dark side of referrals.  Don’t get me wrong, I love referrals and love referring people.  When I get great service or find something I was super happy with I like to tell everyone.  I assume you are all the same way.   I have a great accountant – referral, Auto mechanic – referral, dry cleaner – referral.  Referrals are great and they can help you get what you need.


The dark side is when you feel trapped because it’s someone who a family member or close friend recommended.  I want to remind you that just because you get referred to a mortgage person, it doesn’t mean you shouldn’t shop around.  90% of all the people I talked to yesterday were getting a mortgage from a referral and were not getting a very good deal.

Just because your parent’s neighbor is in the mortgage industry doesn’t mean they have the best mortgage for you.  Maybe they do!  But you need to do your homework by shopping around or using the Rates in Motion rates as a comparison.

Rates are down today.

We saw an improvement in pricing late in the day yesterday.  They are holding on but not by much.  Take advantage of the improved rates.

If you are in the middle of the process or just getting a mortgage quote, send me your Good faith estimate and I will verify if you are getting the best deal.

If you’re not, I will help you find you someone that will.  Don’t be oversold just because you think you are getting a good deal.  You need to know it!  Contact me with your loan scenario and I will help you out, or simply forward this on and ask your lender to match these rates.

If you like this information please post it, share it, tweet it, and forward it to everyone you think could use it.  It’s time this information gets out!

See you tomorrow!

– Mike


To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.

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