A large Wholesale only lender came out with a program about a month ago called Conquest that was ahead of the market, with low rates ONLY IF you had not had a loan through them in at least 18 months.
The rates were “as low as” 2.50%, and many people saw ads and assumed this meant there was no cost. It was actually a buy down rate that would cost $7000-$10,000 to get 2.50%
They do not have a retail arm, so only available through brokers who deal with them, which I do (not all brokers do)
In the past month, the market has dropped and Conquest may not be the current best option for many.
There is so much confusion right now, Many people go a bank because that’s who they make their payments to, and are getting rates that are well above what they really should be.
Real rates change a bit every day and most people have no idea what they can/cannot qualify for.
Everyone know the #1 largest mortgage advertiser is and their rates are normally terrible, but they do the most loans.
I deal with their wholesale branch, and can offer extremely competitive rates that have nothing to do with their Retail rates.
It’s a different division.
The bottom line is that most people are paying too much in interest
and don’t realize how much they are wasting by not refinancing, whether they pay something OR have Zero cost
Another trick is people being told no cost, but some fees added in that they don’t understand.
