Quote:
Originally Posted by hyrum
Go direct to a few local lenders and ask for their rate with no points. I do and never have paid a "mortgage company" a cent. I can go to bankrate.com or Lending Tree and have some assurance they are fair rates. I can see if you have a sketchy credit report or are trying to really stretch your credit limit you might have to hire a guy to shop your deal for you.
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I don't know exactly how that works, but I'm thinking you would pay more that way than going to a mortgage broker and have them do it for you for half point. For example, if you called Zion's bank, they would certainly make more than a point on your loan. I don't know how bankrate.com or Lending Tree work, but I'm guessing they collect a nice yield spread and publish charts with a half or full point already taken out for their profit.