Flexibility, contract restrictions and advice all have a definitive impact on borrowing costs. And most people don’t discover how much impact until after their mortgage closes.
Consumers are still obliged to negotiate the best deal they can. RateSpy.com gives access to 3,000 mortgage rates and 300+ lenders so that you can view the best possible rates for your mortgage.
At any given time, different mortgage providers are motivated to offer more heavily discounted rates. They may have:
- Surplus liquidity (e.g., a credit union with excess deposits),
- A need to replace assets in securitization programs (which is why we see big discounts on mortgages with odd terms, like 3.4 years), or
- Internal volume targets that haven’t been met, thus encouraging more competitive pricing.
By definition, the more lenders and brokers one has to compare, the higher the probability of finding a lender motivated to discount below the market.