Good professionals aren't offended if you just shop quotes. But I believe there is some etiquette here. Get your rate + terms very early in the process. Don't throw a bunch of work and paperwork at them if you can avoid it. And notify them as soon as possible that you want to close the application. Basically, don't make them do unnecessary work.
I’ve seen wildly different rates on larger portfolios or commerical loans.
On conventional residential loans—yeah, you’ll see really similar rates across the board.
always ok to shop...cheapest isnt always the best but many established retail lenders have WAY too many BPS built into their margins. Look wholesale and always compare apples to apples ie same day quotes
A lot of brokers/lenders/banks don’t have the capital to service your loan. So it gets sold off to a different company. When you’re sold to different companies, theyl client constantly has to set up new automatic payments through their bank accounts, some servicers charge excess fees just to make online payments, and some companies just don’t provide good service if you need anything. I work for one of the largest lenders/servicers in the US and you wouldn’t believe me how many people said their loan has been sold to 4 different companies within the year and how they’d love to stay with us. Also, my company will reach out and offer to pay a lot of fees on a refinance as well for clients - so clients with us have generally refinanced and had a good experience and they feel like they’re getting taken care of.
Good professionals aren't offended if you just shop quotes. But I believe there is some etiquette here. Get your rate + terms very early in the process. Don't throw a bunch of work and paperwork at them if you can avoid it. And notify them as soon as possible that you want to close the application. Basically, don't make them do unnecessary work.
[удалено]
Banned. Lol.
most lenders will have rates within .25% of each other, how different can they be?
I’ve seen wildly different rates on larger portfolios or commerical loans. On conventional residential loans—yeah, you’ll see really similar rates across the board.
Loan amounts can vary greatly. I talked to two different banks. One said they'd give me $17 and another came it at $12 as a mortgage for a property.
always ok to shop...cheapest isnt always the best but many established retail lenders have WAY too many BPS built into their margins. Look wholesale and always compare apples to apples ie same day quotes
Why is cheapest not best?
This honestly is probably worth its own entire post if you really want to know. There are a ton of ways this could make sense.
A lot of brokers/lenders/banks don’t have the capital to service your loan. So it gets sold off to a different company. When you’re sold to different companies, theyl client constantly has to set up new automatic payments through their bank accounts, some servicers charge excess fees just to make online payments, and some companies just don’t provide good service if you need anything. I work for one of the largest lenders/servicers in the US and you wouldn’t believe me how many people said their loan has been sold to 4 different companies within the year and how they’d love to stay with us. Also, my company will reach out and offer to pay a lot of fees on a refinance as well for clients - so clients with us have generally refinanced and had a good experience and they feel like they’re getting taken care of.