Why It's Important for Consumers to Shop Mortgage Rates with Multiple Mortgage Companies

Copyright: Mortgage Expert

Florida, like many other states in the US, has been experiencing erratic changes in mortgage rates throughout 2022 that are projected to continue into the future as a result of the lasting uncertainty of key macroeconomic factors. Now more than ever, it is vital for consumers to shop around multiple companies to find the most affordable Florida mortgage rates. 

This article will discuss the importance of mortgage rates, before exploring the top mortgage companies as well as the ways in which consumers can benefit from utilizing smaller mortgage brokers in order to get the best mortgage rates in Florida.

The Importance of Mortgage Rates

The effect of this erraticism of mortgage rates on consumers cannot be understated. Increases significantly hamper the ability of first-time buyers to get on the property ladder. For instance, throughout the course of 2022, the average rate of 30-year mortgages more than doubled, and mortgage rates in Florida are no different.

While a few percentage points of difference might not sound like a lot, when put into the context of a mortgage (which can easily be worth several hundred thousand), the impact of this increase is easy to comprehend. Moreover, monthly payments could easily increase by several hundreds of dollars a month due to mortgage rate increases alone.

This increase, especially when considered against the backdrop of the plethora of other rising costs, plays a huge role in the ability of potential new homeowners to purchase their first house. It is for this reason that consumers are increasingly being recommended to shop around multiple mortgage companies, even taking advantage of some smaller mortgage brokers, in order to find the best rates possible. Below, some of the top options have been explored.

Top Mortgage Companies

Rocket Mortgage

Rocket mortgage is one of the state’s most valuable mortgage brokers, valued at $22.4 billion. Their aim is to simplify the complex process of financing a mortgage.

Wells Fargo Mortgage

Wells Fargo is another solid option. Worth in excess of $16.7 billion, this American multinational corp has been supporting its customers’ financial needs since 1852.

Chase Mortgage

Chase Mortgage claims to serve “nearly half of America’s households with a broad range of financial services”, and is one of the most valuable mortgage brokers in the country.

Pennymac

Pennymac is in the top ten most popular home loan servicers in the US and has over 16 locations across the nation from which to assist you.

The Value of Smaller Brokers

While the large mortgage companies listed above are all extremely reputable, none alone are able to satisfy a consumer’s needs for the lowest mortgage rates possible. Instead, consumers should look to shop between the rates of many of these companies in order to find the best possible option.

While looking at alternative options, it is prudent to consider smaller mortgage brokers, since in the current mortgage market they frequently offer a lower cost of acquisition, and tend to offer consumers far lower mortgage rates than can be observed nationally.

Furthermore, smaller brokers such as Mortgage Expert can offer tailored, competitive loans that the bigger bank lenders are unable to provide alongside a service the personalization of which cannot be rivaled by bigger banks. With a business model based on low rates, the above broker typically offers as much as 1% lower than the bigger banks, and consequently offers one of the most competitive mortgage rates in Florida.  

One very clear demonstration of this customer-facing approach smaller brokers like Mortgage Expert exhibit is the way in which it places prioritization of revolving its services around the home buyer’s schedule, rather than bankers’ hours. To find out more about the latest rates, contact this mortgage rate expert. 

Final Take

In the face of such an unstable economic climate and the current mortgage rates in Florida alone, erratic mortgage rates have rendered the use of multiple mortgage brokers by consumers necessary if they intend to find a competitive price for their loans. While bigger bank lenders often offer adequate rates, it is worth considering smaller alternatives such as Mortgage Expert, since they are able to offer reduced rates that bigger banks are unable to.

Not only this, these smaller alternatives provide a level of attentiveness and care that is only possible because of their size.