A quarter point or more. That is how far apart two big-bank mortgage quotes routinely run for the same borrower, which is why Chase and Wells Fargo are worth pricing side by side.
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Chapters
- 0:00 Big-bank quotes for one borrower routinely run 0.25% apart.
- 0:14 I. Same borrower, two quotes
- 0:37 II. Two strategies
- 1:00 III. Why Wells narrowed
- 1:20 IV. Help with the purchase
- 1:45 V. Who you pay after
- 2:02 VI. Before you lock
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Full transcript
I. Same borrower, two quotes
Our Chase and Wells Fargo comparison puts it plainly: for identical borrowers, the spread between these two banks' quotes routinely exceeds a quarter of a percentage point. A separate comparison prices a quarter point at roughly fifty-five to sixty dollars a month on a three hundred fifty thousand dollar loan, at six to seven percent rates.
II. Two strategies
The two banks now run different strategies. Chase is a full-scale national lender, and its correspondent channel is active. Wells Fargo has deliberately narrowed its mortgage business and exited correspondent lending. Both offer relationship pricing and FHA and VA loans, and both keep servicing on most loans.
III. Why Wells narrowed
Wells Fargo announced that change in early twenty twenty-three. It left the correspondent channel that had made it the country's largest home lender and refocused retail lending on existing bank customers and community programs. It still writes mortgages, but no longer tries to win the open market.
IV. Help with the purchase
Both banks run assistance for purchases in eligible areas. Chase offers a grant, and the site's Florida mortgage guide lists its DreaMaker program at three percent down for income-eligible borrowers. Wells Fargo's Dream Plan Home suite offers closing-cost credits and down payment help in eligible lower-income census tracts.
V. Who you pay after
Both banks generally keep servicing most of the retail loans they make. Chase retains most of its loans, and Wells Fargo is a large servicer that retains most of its own, so the bank you close with is usually the one you pay each month.
VI. Before you lock
Rates move by the day and by the file. Each percentage point adds about fifty-five to sixty-five dollars a month for every hundred thousand borrowed, so quotes line up only when they come from the same day. The full comparison is free at Dreamy Leads Research. What state are you buying in, and how far apart were your two lowest mortgage rate quotes? Tell us in the comments.
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