A lender who blindly quotes a rate, who responds immediately to your rate question with "4.75%" or "I can get you 4.x", is being dishonest at worst & disingenuous at best. Mortgage rates are not like produce prices, posted in the grocery store for all to see and available to all buyers. Many factors go into getting the best mortgage for you.
Some factors are based on your circumstances:
- Your credit score
- Your down payment (or loan-to-value for refinances)
- The amount of your loan
- Are you ready to lock your rate now?
- How long before you need to close?
- Are you a teacher, veteran, policeman, fireman, first time home buyer, etc?
- How long do you plan on living in this home?
- Do you plan on refinancing in the future?
- Do you prefer a lower payment or lower costs?
- What is your tolerance for risk?
If you are in the market for a home now and would like to discuss your situation or if you have a home and would like to see if you can save by taking advantage of rates near historic lows, contact me. There is no obligation. You owe it to yourself to see what a proper mortgage interview can do for you.
Tim Epps
918-528-4010
tim@myfairway.net