The first thing that anyone should know about what rate they will get when they apply for a mortgage, is that it is based on more than just how well you barter. In most cases the rate you will receive will be based on a combination of how good your credit is, how stable your job is, and the overall risk associated with a lender providing you money. In many cases what value of a client the lender views you to be will influence what rate you receive as well.
This is where a mortgage broker comes in handy. In most cases the mortgage broker is the highest value client a lender can have. The reason for this is simple, mortgage brokers can provide millions if not billions of dollars worth of business to a lender. Thus, lenders will usually provide a mortgage broker with the best rate available, without the broker having to barter for it.
That being said, a client who chooses to deal with a mortgage broker will automatically have the opportunity to receive the best rate possible, an opportunity they would likely not have if they were to deal with a lender directly. From there it is a matter of looking at the clients individual situation and determining what rate they are eligible to receive.
Therefore every client who deals with a mortgage broker starts out at the same rate, the best one, from there the clients individual circumstances will determine if they stay at that rate or if it goes up from there. A client who is looking for a specialty product such as a zero down mortgage will likely have a slightly higher rate, a client who is a high risk will likely pay a substantially higher rate.
Either way, a client who deals with a mortgage broker will likely be much better off due to the fact that the lenders are much more willing to provide them with lower rates due to the substantial amount of business that a broker can provide.
