Why Floating Your Mortgage Rate Is Like Peeing At The Golf Course

As a mortgage originator, I have always equated floating the mortgage rate like peeing at the golf course - you just hope you don't get caught with your pants down!

When you are floating your client's mortgage rate, you figuratively have your pants down. You are exposed to the whims of the mortgage backed securities market. Sometimes you win, sometimes you lose. I don't know about you, but I lose this proposition more than I win. When you float the rate, urine for trouble! (Hee Hee).

So as a mortgage pro, what is the best strategy to get the rate your client wants?Personally, I try to use lenders that have a good rate re-negotiation policy. Wells Fargo has a good policy. You can float down to a lower rate by adding .375% to the fee. Citimortgage also renegotiates (I'm not sure exactly what their policy is, but I have re-negotiated with them). Met Life and Suntrust, I have found, are pretty stingy.

Are there any other lenders out there that will let you leak (another bad joke) down to a lower rate or fee?