The Mortgage Loan Officer / Attorney Analogy

View your mortgage loan originator as if he or she was your attorney and you're preparing to go to trial. Sometimes you get what you pay for, and the services of a mortgage loan officer are no different.

Assume that you're suing somebody and you have a "slam dunk" lawsuit that basically any attorney could handle. It may be best to shop around and find an attorney that charges a cheaper hourly rate. Now, assume that you've got an extremely complex lawsuit on your hands. You may want to consider hiring a good, experienced attorney that of course will probably charge a higher hourly rate. It is the SAME for mortgage rates! The BEST and most EXPERIENCED mortgage loan originators command a higher commission per loan, and this commission is "built in" to the mortgage rates that these experienced loan officers can offer. The GOOD news is that the REVERSE is also true! If your mortgage "scenario" is a "slam dunk" deal (you have good credit, a good job, little debt) then you should be getting the BEST mortgage rates out there! You don't absolutely need to work with a loan officer that has tons of experience; your loan is easy for anybody to do. For these "slam dunk" deals, post your mortgage "scenario" towww.RateBid.com because the form takes about 30 seconds to complete, no sensitive data is collected, and the borrowers stay anonymous while the loan scenario data is distributed to over 100 lenders across the country. The borrower can literally log in and enjoy watching lenders fight with each other for the loan as they "bid" their rates and fees against each other in a reverse auction-like format. There is no "winning bidder", so the borrower just gets a collection of personalized quotes and can contact as many of the bidding lenders as they want (or none of them). This allows borrowers to quickly "zero in" on the lenders that can offer the best rates in the country without ever receiving a single sales call.