It’s our own darned fault. That is, it’s all of us in the mortgage industry that have taken your eye off the ball by telling you that the interest rate is the most important thing to think about.

That’s wrong.

What’s most important is getting the right loan with no ‘gotchas’ tucked into it that closes on-time and with the costs that were originally quoted. And that’s not necessarily what happens when a lender is selling you “rate” rather than “outcome.”

Here are a few insights to help explain this view:

  • The difference in interest rate between a rate-focused lender and the average lender is typically between 1/8th to ¼%
  • The difference in monthly payment on the typical $200,000 mortgage translates into between $14 and $28 with this rate difference. Sure, that’s real money but it’s

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