Published rates entice you, but may not give you the whole story: Often times we get asked, “I saw this rate on-line, can you match it?” Generally, we can, or can beat it, but you have to make sure you are comparing apples to apples.
There are many factors that go into an interest rate. Credit score, amount of down payment (or equity in the home if a refinance), if it is a purchase or refinance, whether it is a primary residence, second home or investment property, and the type of home (e.g., single family residence or condominium) are all factors that can go into determining the interest rate. Thus, a simple quote on a website may not be your rate.
The fees for published rates are generally in small type or further down the website. You may have to look for it, but it should be there. Note the APR (Annual Percentage Rate). This is a calculation of the rate when considering the associated fees. The higher the APR as compared to the published rate could mean there are more fees with that loan. Ask for a fee sheet from the lender to get an idea of the costs.
You should not blindly rely on the published rate. It could be a lure to get you to commit to that lender, but you may not get what was quoted.
If you have a rate you are considering, contact us and we can let you know if we think it is legit. We are a mortgage broker and quote wholesale rates and costs. We can check your quote and compare it to the market.
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