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The average 30 year, Prime APR this week (APOR) will be waiting....
Knowing the average rate can keep you from paying too much, but what's more important is understanding that each lender has different tendencies. Some lender's rates tend to be above average, others below average. If you want to save, shopping is the key, but it's hard to know where to start. Advive is everywhere. Mortgage brokers, mortgage shopping sites, banks, lenders, Realtors, and friends/family all offer seemingly useful advice. Unfortunately, most professional advice is self-serving. They advise you to borrower from them, or from someone who pays them for referrals, or, in the case of Realtors, from someone they know will close the deal quickly at a reasonable rate. None of them has an reason to make sure you find the lowest rate possible. Friends and family may have good intentions, but because of the number of lenders available, their knowledge is incomplete. What they don't know can cost you money. To shop wisely, borrowers need to be in the know.
Data from the Consumer Financial Protection Bureau (CFPB) is key. Their Home Mortgage Disclosure Act (HMDA) data is "the most comprehensive source of publicly available information on the U.S. mortgage market". But digesting the HMDA data isn't easy. JustFindMyLender.com democratizes the HMDA data by providing simplified access to the trove of pricing (i.e., APR) and approval rate information available in the HMDA data. By democratizing the HMDA data, we're advancing transparency in the mortgage lending industry.