Derek McGowan shows how mortgage lenders hide a $6,000 cost in advertised rates, then walks through the manual chaos of shopping multiple lenders. He built a portal that pulls rates from 300 lenders in seconds instead of a week, letting buyers actually compare what they're paying.
We're going to 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're going to 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 with 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? Uh, 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 is 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 prepay 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, you know, 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, you know, 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. Um, 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 rate for rates, 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.
