In this presentation, Derek McGowan critiques the mortgage industry’s overly complex and opaque rate‑shopping process, highlighting how most borrowers rely on search‑engine ads or cumbersome broker spreadsheets that require manual comparison of dozens of lenders, points, pre‑payment penalties, and escrow details. He then introduces a proprietary web‑based tool he built that aggregates data from roughly 300 lenders, instantly delivering side‑by‑side comparisons of rates, points (e.g., 6.75% at 1.75 points vs. 6.375% with no points), FHA/VA options, and current rate trends. The tool also offers real‑time alerts when rates move, and is accessible via the company’s website and client portal. McGowan emphasizes that this solution dramatically reduces the time and error‑prone effort required to find the best mortgage deal, benefiting both borrowers and loan officers in today’s competitive housing market.
Chapters
Today we're gonna make searching for your best interest rate super simple. I think it's something the mortgage industry complicates way more than they need to. So take a look. You know, I realized this a handful of years back when I opened up McGowan Mortgages. People have information overload. They get information at your fingertips. You gotta know if you're getting a good deal or not at the end of the day. We might as well help you find that. So this is what it looks like when most people, just for comparison's sake, for a starting spot, they'll go to a search engine. Some of those people shop for their home loan and rightfully so. It's how you shop for everything these days and you click on a lender. And they advertise a lot. So let's see what they've got. I mean, they make you pay for those advertisements, but okay. What do they got here? 6.75%. They're charging you an extra $6,000. That $6,000 goes to the house to get that rate. So just park that there. And then to realize, is that a good deal? You have to talk to how many different places to compare? It'd take all week to do that. This is how most mortgage brokers do it, which more and more the industry's going to the broker side for many of these reasons where you get to plug in all these different details. You can't miss a single little thing, a prepayment penalty or escrows or You can see how it gets really confusing. And if one little button's off, oh shoot, the whole thing's messed up. And then it searches and it spins and it searches. We have 300 different places. There's going to be like 148 are bidding for this one. But then you have to go through and open up everybody's rate sheet and see what they've got and see who's got the exact deal for your client and so on. And you see how that could get a little confusing, especially if it's not an experienced loan officer. One little T not crossed or I not dotted and the whole thing messes up. So this is what we built. I built this thing out myself here with everything I know about pricing rates. It takes everything you see here from 300 different lenders, and instead of it taking all day, it takes all of a couple seconds. So with that being said, you plug in your parameters here, your basics. This is on our, actually our website, our client portals as well. So we give this to you guys to make sure you are able to shop for your best deal. And Where were we at? 6.75% for 1.75 points. Well, what does it look like here for no points? How about 6.375%? This just searched all of those, but instantly. And it got you everything you need to know. FHA, VA, you see it. This is where the rates are trending. Heck, even if you, hey, let's say you're wanting to wait for rates to get slightly lower, you can put your info in here. It'll ping you the second that they do. That, my friends, is how you make it super simple to find your best mortgage rate, which is ever more important in today's housing market.
