AgentMortgage

Multilender websites let borrowers see pricing

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This is the second of a multipart series. See Part 1. This series of articles is about opportunities available to consumers to save money on a mortgage in 2013. The first article was directed to those with an existing mortgage carrying an interest rate above the current market rate who could refinance profitably but haven't -- for reasons that don't make sense. This article is directed at those looking to find the best possible deal on a refinance or home purchase loan. Importance of posted prices: Mortgage lenders every morning reset their "posted prices," which are the prices they will commit to at that time to a borrower who meets their qualification requirements. On a given transaction, posted prices will vary from lender to lender, and in a well-functioning market the shopping borrower would find the lender posting the best price on her deal and grab it. But that turns out to be quite difficult to do. Agents don't necessarily quote posted pri...