How to Find the Best Interest Rates

We may not be in Colorado, but I have found that The Mortgage Experts in Denver, Colorado post amazing blogs posts on the Mortgage Industry. Many times their posts are universal to all markets. They started letting Realtors submit questions for them to answer. I think the follow is a great question (and of course answer!):

Ed’s question is: “What is the best web site to look at for real-time interest rates?”

Here’s the answer: There really is no good site for real-time loan rates, and here’s why. Rates are posted on thousands of web sites. However, there are many adjustments to the rates that are never shown to the public. These adjustments are known as “loan level pricing adjustments” and they can affect the interest rate tremendously – sometimes by as much as a few percentage points.

Here are some examples of the things that affect rates:

Rate lock period
Occupancy type (primary residence, second home, or investment property)
Amount of the loan
The borrower’s credit scores
Amount of the down payment
Property type (single family residence, townhouse, or condo)
Subordinate financing (is there a second loan?)
Unless a lender asks a borrower for all of this information (and much more), they can’t possibly provide an accurate quote. The web sites that list rates (real-time or not), are either lead-generating web sites that sell the borrower’s contact information to multiple lenders, or bait and switch sites intended to get the borrower to call. All the large lenders, and many smaller lenders, employ these tactics to get customers.

The very best way to get an accurate rate quote is to use lenders who tell you that they cannot possibly give you an accurate rate quote without gathering the information listed above and more.

Getting a loan approved is easy – if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

About jodidanziger

St Louis Native. Proud University of Kansas Alumni. Kansas City Realtor. Social Media, Dog & Exercising lover. Purse & Shoe addict. Social Butterfly. And so much more!
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