I’m of the very firm belief that the best brokers DO NOT post current rates on their website. Many see this as a tactic to get you to call them but it’s a sign that they don’t want to mislead you. There are basically three types of rates when dealing with mortgages; the posted rates, the advertised rates, and the promotional rates.
Posted Rates: They are like the manufacturer’s suggested retail price on a new car. It’s a benchmark. A guideline.
Advertised Rates: These are the rates you see on the sign out front of the building. They are lower than the posted rates and meant to grab your attention and earn your business- even though they haven’t asked you a single question to see if you qualify yet.
Promotional Rates: These rates are the “limited time offer” rates. They are even lower than the advertised rates but change frequently. These rates are where a mortgage broker can really save you some money. If you qualify for them, having dozens of lenders promotional rates at your disposal can result in an outstanding rate for the client. (Think of it like a travel agent who has access to all kinds of last minute vacation deals.)