Of course, you can pick up the phone, open an unsolicited email, or click on any mortgage lender’s advertisement to start the process of getting pre-approved for a mortgage. The hidden problem for most homebuyers is they do not know how much money they are losing if they do not get the best mortgage deal in the market.
To our surprise, there is a simple service that leverages automation to not only generate an online mortgage pre-approval, but will simultaneously identify the lowest interest rate mortgage loan in their marketplace.
The problem with Real Estate agent’s lender referrals.
Real estate agents do not price shop mortgage lenders, banks and mortgage brokers to determine which lending source will help homebuyers capture the best deal in market.
The cost difference between an ok interest rate and best interest rate on a $ 450,000 loan is about $44,500 on a 30-year fixed rate loan with a 1% lower interest rate.
Majority of agents want to place your business with their lender who has agreed to service the needs of the real estate agent not the direct needs of the homebuyer.
Most agents build relationship with lenders who agree to be available anytime the real estate agent request a mortgage pre-approval or the agent must speed up the closing date for some reason.
In this case, the real estate agent wants the lender relationship not based on best deal in market, but on the relationship needs of the agent, not the homebuyer.
The problem with homebuilders in house mortgage lending.
Homebuilders in house mortgage lending is designed to create more profits for the homebuilder by enticing homebuyers with closing cost credits.
In most all cases we see, the final interest rates the homebuilder’s in house lender provides is a lot higher than market rates. The closing cost credits offered by the builder is paid by the revenue generated from a higher-than-average interest rate they assign to the buyer of the home.
How to use an automated online mortgage pre-approval service to capture the lowest rates and fee loans.
EquiFund Mortgage has a mortgage app available on their website that gives homebuyers the ability to get online pre-approved mortgage within 3 minutes and identify the lowest interest rate and fee loan matched to that borrower’s profile.
This cutting edge, Fintech mortgage solution brings ease of use, maximizes homebuyer’s savings, and generates a mortgage pre-approval letter that most real estate agents require to make an offer on a home.
On average EquiFund’s rates on 30 years fixed are 1% lower than most all other banks and lenders. As previously mentioned, this is approximately $ 44,500 in free purchasing power compared to an ok rate mortgage loan.
Finally, there is a lending source that gives consumers the advantage every time they need a mortgage.
As an independent representative of several national lenders and bank, EquiFund Mortgage is a non-bias lending platform that is focused on giving their clients the best deal in a marketplace full of lenders and confusion.