How to find the best mortgage rates | advice from a mortgage broker

In this video find out how to find the best mortgage rates. As a mortgage broker, I get to interact with consumers on a daily basis and know from experience they are trying to figure out how to get the best deal on their mortgage. Getting the best mortgage rate is part of the equation but consumers also need to be aware of how to get the best loan. Some loans are very expensive and some loans serve a client’s needs and goals better than others. Bunch of very interesting marketing tactics out there so I hope this video helps you navigate them,

Matt the mortgage guy here creating a quick video talking about how to find the very best mortgage rate now i created this channel to give straightforward honest advice and that’s what i’m going to do here uh if you like straightforward honest advice about mortgage real estate and finance consider subscribing to the channel go ahead and smash the like button for

The youtube algorithm because i think uh the information i’ve provided might help other people out there so if you smash the like button we got a chance to show it to more people so without further ado how to find the very best mortgage rate now i wanted to make this video i saw something yesterday that was really funny a mortgage forum i’m in uh somebody shared

A quote that i thought really you know was rang true for me that as a consumer if you shop hard enough for the lowest rate some people like i’m gonna talk to seven different people the harder you shop the more likely you are to find the biggest liar and i hate to say that but it’s it’s really the truth if if you’re just out there saying what’s your very lowest

Interest rate you are going to ultimately find somebody that gives you a promise that they can’t deliver on and unfortunately that happens you know people are desperate for the business or they’re just unethical in how they do things but you know they offer you the 2.375 on the 30-year fixed you come to find out later that it’s two points in cost or it doesn’t exist

Or they make up some phony story about oh we re-pulled your credit and we didn’t lock and so what had happened was and really i’ve i’ve seen that song and dance i’ve heard it from enough people who’ve gone through it where i know it happens so the better advice in my opinion is to get a few quotes from people you like and trust and and talk to a lender so you can

Really understand about how it works because what happens is if you’re shopping for a refinance and all you’re thinking is rate rate rate rate rate i want the lowest rate you want to be able to brag um to your friends at the office or on your zoom call as we do in 2020. you’re gonna find a lender that promises you an amazing rate oh that’s awesome then you get

Initial disclosures or you’re two or three weeks into the process and boom you like all of a sudden notice 11 769 in points what the heck is that then you start to have the conversation around oh yeah to get you that stellar rate it cost you three little points only 12 000 bucks if you talk to somebody who you like and trust is really going to analyze it try to

Get you the very best deal it’s not just about interest rate because that cost of that lower interest rate if it saves you 47 compared to a rate that’s a quarter higher or three eights higher it might take you 14 years to break even on that cost now you get to brag about that rate but from a math perspective and from a finance perspective it’s a horrible deal

So you’re going to look for a rate that might be no points might be half a point and in some cases paying a point is okay and there’s no hard answer whether or not it you know you pay points you don’t one’s terrible one’s great no everybody’s different and somebody says listen this is my feet first house i’m leaving this house my feet first i’m dying this house

I know i’m gonna be here okay it might it might make sense to pay a point or even a point and a half to get you a really low interest rate you’re retired you’re on a fixed income we’re trying to get your payment down to you know lowest we can but those are the type of conversations that need to be had should be had and then you as the consumer can say can i maybe

Look at a couple different options can i look at 2.75 and 2.625 to see which one makes sense if i’m maybe moving in four or five years should i even take a rate that’s higher and it comes with some lender credit it’s lower than my rate now but it’s higher than another rate i can get but i think i’m moving in four years so i want to save money during those four

Years but i want to pay a lot right now and add that to my principal because i know i’m moving so that’s the thing there’s so many different circumstances where low rate hunting and shopping is not what you want to do you want to shop for the best mortgage that fits you fits your circumstance okay if you’re in california i’d love to help give me a call shoot me

An email matt me and my team are working on 50 plus refinances and this is how we’re doing it restructuring it a way that makes sense for you the consumer for your specific scenario not just advertising some smoking rate adding in points and fees and um you know capturing the business that way so any questions at all please feel free to

Reach out thanks for watching until next time

Transcribed from video
How to find the best mortgage rates | advice from a mortgage broker By Matt The Mortgage Guy