Choicelend.com » Interest Rate Comparison

Are Costco Mortgage Rates Better?

Art Bermudez — Mon, 27 Jun 2011 15:46:45 +0000

Costco is known for their excellent products and prices but what about their new mortgage service? Costco has partnered with several lenders and make use of a real time pricing engine powered by Nylx to deliver real time quotes.
The pitch is that the lender fee will not cost over $600. Does Costco have the lowest rate and fees?
We ran a loan scenario this morning and compared it to the rates offered in real-time on our own website.
The results? A little surprising… The surprise is the disclaimer where Costco mortgage partners bury “other fees” in the disclaimer. The other surprise is that Costco mortgage service is not even close to what we can offer. See below:
For the loan scenario we ran Costco lenders best rate costs over $3K while Choicelend.com costs ZERO.

Choicelend.com originates home loans in California only.

End of Low Mortgage Rates?

Art Bermudez — Wed, 15 Jun 2011 14:42:26 +0000

Choicelend.com – Yesterday the 10 yr note closed above its 20 day average for the first time since April 15th, although it is up some this morning it hasn’t been able to push back below its 20 day on the yield chart. The 9 day relative strength index is back above 50 on the 10 yield, slightly bearish. We continue to hold our bullish near term outlook for now but the foundation is not as firm now as it has been over the past month.
Yesterday and so far this morning lenders are not pricing directly to what the Mortgage Backed Securities market is doing, most all lenders are worsening price more than what markets are doing. Waiting for lower rates is not worth the risk, if you have a benefit you can secure, lock now.

Jobs Report Horrible – Good for Mortgage Rates

Art Bermudez — Wed, 01 Jun 2011 15:06:29 +0000

Choicelend.com – At 8:15 ADP May private jobs report hit hard; the consensus estimate was for an increase of 175K jobs, the reality hit like a ton of bricks- job growth according to ADP was up just 38K. Hard to ignore the reality that jobs aren’t recovering. This sends money into US treasuries giving us lower mortgage rates. Time to take some cash out, reduce your term or lower your payment.

Weak Jobs Report Good for Mortgage Rates?

Art Bermudez — Fri, 03 Dec 2010 15:29:07 +0000

Mortgage Rates improved as investors looked for some safety. If you are considering a refinance pulling the trigger on the lower rates resulting from the 9.8% unemployment report may be your opportunity.
A Huge miss on estimates from analysts and economists on the unemployment data has the market digesting our current state of affairs. A jobless economic recovery? Really?
If you can save some money to reposition your mortgage either to increase your cash flow or reduce your term is not only a good idea but a great idea. You never know when you may be one of the 14.8 million americans who are unemployed.

“Lost your lock” with a different lender?

Art Bermudez — Thu, 02 Dec 2010 20:10:07 +0000

“I was working with another lender and we lost our lock”.
We normally receive these type of calls several time a week. I suppose with the sudden increase in mortgage rates we will be swamped by people who were told the rate they thought they had was “lost”. The truth is that a good percentage of lenders do not lock the interest rate for the client even though the they lead them to believe they did. They “float the rate” to secure a larger fee. Floating the rate means the client is at risk if the rates go up and the lender benefits if the rates go down. In either case the client is on the potential losing end.
At Choicelend.com we do not float the rate unless a client requests it. Once we settle on a rate / fee combination we proceed to lock. If we quote you an interest rate, that is what we deliver. We have never “lost a lock”. See Today’s Mortgage Rates here

Are Mortgage Rates going up or down?

Art Bermudez — Thu, 02 Dec 2010 02:42:07 +0000

One of the biggest jump in interest rates seen this year. China reported manufacturing improved last month which was a surprise to the markets coupled by a better than expected jobs report has worsened mortgage rates.
For those hoping mortgage rates would go down shame on you. I have been advising my clients to pull the trigger for the last 6 months. To those who waited we can still catch a lower rate on a dip. For some of you we can start the process right now. Take what you can get, don’t get greedy.

Comparison Choicelend Wells BofA

Art Bermudez — Thu, 06 May 2010 01:09:39 +0000