Are large local banks less likely to give great mortgage rates to borrows with great credit scores?
I’ve been shopping for a low interest rate (30 year fixed). I have excellent credit but it doesn’t seem to help me much when I go into large local banks. It seems like they just run the basic numbers to make sure I qualify for a conforming loan. They then tell me their printed rate on their website. My experience with smaller mortgage companies is that they collect more information and they have quoted lower rates.
Is this typical?
I initially went to a mortgage broker for a preapproval. I had to sign all sorts of paperwork. Decided to go to the bank today and found out I could get a mortgage loan with a 4.8% rate with .625 points. Can I forget about the mortgage broker and stick with quote the bank gave me? or do I need to stick with the broker? Also, is that a good rate the bank gave me?