So much more goes into a rate quote than what's posted at a bank, or online. APR comparisons don't tell the true and complete story either. Rate data at any Bank, Mortgage Banker, or Broker, goes much deeper than what's often being advertised. I get 2-3 calls a day that start with "Hi, I saw your info on xyz12345. What's your rate?" and that's all! Here's a few points to consider that will help focus things down from a big picture to a deliverable product:
Refi?
Purchase?
Primary?
Second Home?
Rental?
How many rentals do you own?
County?
State?
Banking relationship?
FICO score?
BK?
Short sale in past 7 years
Foreclosure in past 7 years.
Mortgage lates in past 24 months? (Why? some "high FICO" borrowers have 2 yr old BK's and mtg late pays....)
Length the last loan has been on the books?
Loan To Value?
Condo?
Detached Condo?
High Rise Condo?
PUD?
SFR?
New Construction?
Flipped property?
Family sale?
Non-Occupant Co-borrower?
30 day escrow?
45 day escrow?
60 day escrow?
120 day new build?
Litigation?
Locked at application?
Locked at approval?
Up front fees/deposits?
Do you sell the servicing?
Who will my loan go to?
Conventional?
Conforming Jumbo?
Bank Portfolio?
FHA? (some low rate quotes are actually FHA loans, no matter the LTV!)
ARM adjustments and margins?
Etc.
Etc.
Etc.
You get the picture.
Quoted rates in bullet point form tell the consumer zip a dee doo dah how competitive the terms are or if they're even available under the best of circumstances. Moral of the story? Ask questions before committing other than "What's your rate?" as I'm certain everyone in the market wants the deal they eventually get to be the same as what they were expecting from the start.
My .02c
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