Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
Having worked with both high volume banks and smaller private banks, here is my opinion on this:The first reason is that volume dictates price. The more volume a lender does, the lower their cost to close each loan. Most of the lenders you find rock bottom rates with and little to no closing costs are running massive volume. For instance, if they fund $100 Million a month in loans they will bundle the loans and sell them in the secondary market for small profit for each loan but a big profit overall. The second reason is the cost to employ their loan officers. If you are a bank, you do not need to hire a licensed loan officer. They can hire whomever can pass a background check regardless of their education of the mortgage industry. This means they can hire telemarketing order takers and pay them much less. Usually it is a flat commission per loan. So, like most everything else, you get what you pay for..... most of the time. If you are only focused on an interest rate and are willing to deal with lack of customer service and accountability, you can pay less and get the lower rate. If you are focused on customer service a loan officer with experience, you can choose a slightly higher rate or closing cost that pays for your peace of mind. Of course there is a third option of high rates and no service, but I would avoid that alltogether.All the best!!
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $625,000
For Sale: $519,900
For Sale: $5,900,000