Let’s get real for a second: mortgage pricing isn’t as wide open as most people think. Sure, it’s tempting to chase the lowest rate you see online or the lender who claims to save you $50 a month, but here’s the deal most borrowers never hear — mortgage lenders, for the most part, are all…
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When interest rates are high, here’s how mortgage pricing works. Mortgage companies make money in two ways: the origination of the loan and the servicing of the loan, which involves collecting your monthly mortgage payments. When interest rates are higher, say around 7%, mortgage aggregators assess the value of that mortgage. They think, “If rates…
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