Orion and our valued brokers realize that someone buying or refinancing a home has many options in choosing a lender. Orion and our brokers also compete every day for business, and do well, so every day we make sure that our products, prices, and service are designed to help our clients help yours.

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We also remind brokers to teach your clients to be realistic, and be aware. Brokers know that the absolute best rates available to borrowers shown in advertisements are for those who probably have squeaky-clean credit, high income, low debt ratios, a 30% down payment, and want to buy a property that appraises above contract price. This perfect alignment of all contributing factors just doesn't happen that often in real life.

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Advertisements and rate sheets received from lenders and wholesalers usually show these same "best available" rates and are intended to help real estate agents give buyers some idea of current rates for different types of loans, but don't always mention the qualifying standards that must be met to get these “teaser” rates. Brokers should tell clients that with an advertisement for enticingly low rates, be sure to read the fine print, which includes the assumptions and disclaimers made in order to legally offer that particular rate to the public in print.

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The mortgage interest rate that a borrower actually receives from a lender takes into account the purchase price, down payment, borrower's income, assets, and credit score and report, the property's type and use, and any details specific to the transaction. Brokers know that the best available rates are available only to a very well-qualified borrower for a fully conforming, low LTV loan, so it is extremely important for buyers to understand that each real estate transaction is unique, and therefore the interest rate available to finance any particular transaction is equally unique.

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Realtors should also explain to a potential borrower how rates work before quoting a rate off a lender's rate sheet. The client may interpret the rate pulled off this week's generic rate sheet as what they can get if they put an offer on the property shown to them. Federal laws prohibit telling a buyer about a particular rate without giving the necessary caveats and disclaimers could puta real estate agent in violation of these laws.

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Brokers and lenders are intensely focused on risk, and with current regulations, the resulting decrease in lenders' risk tolerances has made for a very conservative lending environment. To eliminate deception and mistrust, a potential borrower should contact a professional mortgage broker so he or she can provide an accurate, real-world analysis of the deal and the interest rate for which the buyer may really qualify.