Mortgage Rates

As a mortgage professional for the past 13 years I have heard customers, friends and family all say that they have read or heard that they can get this certain rate if they refinanced or purchased a home today based on what they are seeing in the news or in advertisements. How do you know what interest rate you can really get? In the newspaper? On the internet? On TV?

The only way to really know what rate you would qualify for is to put an application in with a mortgage broker or with a mortgage company. There are too many factors involved and too many different products used by lenders to determine what rate a customer will qualify for. So if you were to ask me: “What rate can I get right now” I will probably tell you that I would need to take an application to give you a good answer to that question. I can give you a rate that is out in the market, but it would be a guess without all of the pertinent information.

So you may hear that you can get a 4% 30 year fixed mortgage today. If you ask me if I can get that for you I would tell you yes it is possible, but you would have to be under 70% loan to value, over 740 credit score, under $417,000 loan amount, owner occupied, have 6 months reserves and you would have to pay 2% in discount and 1% in origination to qualify. These would be just some of the factors involved.

There are always a number of things that are possible, but neither you nor I will know what is realistic without taking a full application and really looking into your situation fully.

When you are thinking about refinancing or purchasing a home please take the time to put a full application through with a mortgage broker or with a mortgage company. Do not just take what is on the internet or in the Sunday paper! Good mortgage brokers and mortgage companies can give you much better information and guidance when it comes to refinancing or purchasing your home.

Check out www.thebriteway.com for all of your mortgage needs. Give us a call.

Happy Tuesday!