Mortgage Blog

We do not match the rate

February 22nd, 2017 1:28 PM by Eric Fang

Instead, we provide the best rate as we can all the time.

This morning I locked one loan for my client for the purchase. And the builder provided a rate to them, and then they said that they could match the rate I provided. My client was not happy about it, and asked me to do the loan. I still do not understand why the other lenders would "match" the rate. Did they tell the clients that they would not give the best rates, but they would yield and lower the rates if the lender lenders have better rates? Very interesting logic.

There are a few good rates today. For conforming loan, 5/1 ARM 2.875% is back for 400k loan with impound account. Jumbo 30 Yr fixed and ARM rates are at least 0.125% better. 10/1 ARM rate could be better if LTV is low, and loan amount is high.

I just talked about the BOFA stocks and the CEO stock options yesterday, and then you see the article today: That means the CEO Brian Moynihan indeed did a great job last year.

Posted in:General
Posted by Eric Fang on February 22nd, 2017 1:28 PM



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