The Inman News Wire is almost always good for an interesting read or two (assuming of course you find the business of real estate news even remotely interesting) but I was particularly taken by Jack Guttenberg's column today. The self-proclaimed "Mortgage Professor" has a very particular and analytical approach to mortgage financing. His web site is a GREAT jumping off point for anyone who wants to begin the process of understanding what, and where, to shop for a loan.
The good doctor surveyed the current landscape for fixed rate, adjustable, and interest only loans, both jumbo and conventional in mid December. Specifically, he checked in with seven (un-named) internet based lenders and the four major "depository" lenders (i.e. chase, citi, boa and wells fargo).
Read the whole article here for the details.
Bottom line #1: Borrowers can save a ton of money by shopping loan providers.
Bottom line #2: Buying down the interest rate is a very good investment.