When asked what is the largest purchase they have or will make, most Americans answer their home - when in reality - it is their mortgage! Each year, millions obtain loans from a lending company that is locally convenient or familiar. The truth is, every lender is different and is able to offer different rates depending on their specialties (i.e. credit that needs improvement, jumbo, state, etc.). Just as shopping for a kitchen appliance or television can save you $100's, shopping for a mortgage can save you $1,000's.

That's why we built MortgageQuoteToday to provide a fast and free service that instantly matches you with up to four lenders that are able to get you the best rate for your unique needs. There's no obligation or credit check and your information is kept strictly confidential. Regardless of credit profile or location, Your Quote Online in partnership with SecureRights will match you with lenders so you can compare and save.

Shopping for a Mortgage can save you $1000's a Year!

Getting a mortgage is the same as buying anything else. There is a price that you pay for a product - in this case, money for your refinance, home equity or home purchase. The key is, like any product, the price can vary significantly depending on who and where you buy from. Lenders, like stores, have specialties. This includes servicing excellent or credit that needs improvement, jumbo loans, borrowing from home equity and so on. Those specialties translate to being able to offer better service and lower rates depending on which category you fall into.

Lending is highly competitive. That's because the industry is highly regulated by the government, making money loaned from one company virtually the same as lending from another. The way that lenders have traditionally won business is (1) offering lower rates and fees to under cut the "other guy", (2) specializing by type of loan and getting volume discounts and (3) paying millions for advertising and building "store fronts" in densely populated areas. Unfortunately, number 3 seems to be the business strategy that profit hungry investors like to see (read: Washington Mutual raises rates to increase profitability). Good for them, not for you.

First, when shopping for a mortgage, your state of mind should be: who can offer money the cheapest. I am still surprised to hear of individuals who feel they must sell themselves to the lender when it should be the other way around! Second, exactly how much can you save? The answer is potentially, a lot! Let's take a look at the advertised rates and fees charged by some large and popular mortgage companies versus smaller ones*. This example is for a plain vanilla 30-yr fixed on $275,000. The gap is similar for all types of loans, be it refinance, equity, etc.

Notice Bank of America and Washington Mutual, both large financial institutions, have higher monthly payments than Golden State, First Eagle and AR, arguably lesser-known lenders. The second thing you will notice is that rates, points and fees all vary dramatically among these lenders. There are three reasons for this: (1) lenders will decide to make less money off you to win your business, (2) lenders can operate more efficiently because they specialize in your specific type of lending needs and (3) these rates are purposely used to "tease" you into the door and hours later you realize the monthly payment is much higher than anticipated. Does going with a brand name really to your advantage? Their millions of advertising dollars would want you to think so. Put another way, is going with Bank of America over Golden State Mortgage Capital worth $5,640 over the lifetime of the loan to you? There are other factors that can save you even more but this is the simplest example of how spending five minutes to get loan quotes can save you $1000's.

Keep in mind also that the majority of the process in obtaining a refinance, equity or purchase loan is done over mail, fax and phone. The point is, you don't need to work with "someone in the neighborhood."

That's why we created MortgageQuoteToday in partnership with SecureRights. By shopping and comparing lenders, you could save $1,000's on your mortgage!

What lenders don't want you to know

Contrary to popular opinion, the federal reserve does not determine mortgage rates - lenders do. Reserve rates are important because they represent what the lender would make if they did not lend you money. By moving rates in unison with reserve rates, lenders guarantee they make the same dollar amount on your loan regardless of the reserve rate. In addition, large lenders spend millions on marketing and building local banking sites to get you in the door, paying for these efforts through higher fees and rates. Great for them, not for you.

As a homeowner, what is important is not how much your lender makes but how much you save. The lending market is extremely competitive and lesser known lenders will often offer lower rates in order to win your business even if it means making less profit than the large institutions. Is a dollar from Washington Mutual worth more than a dollar from ABC Lending Company? Washington Mutual and other large financial institutions want their billions of advertising dollars to make you think so.