Mortgage interest rates are directly controlled by the bond market and can change daily and even during the day. Rates vary greatly with the different types of loans available, the length of the "lock" period and even with the amount of your loan. Rather than quoting a generic rate here, you will learn how to get the best rate for the type loan you choose.

HERE ARE SOME OF THE THINGS THAT AFFECT YOUR RATE:

How long until you close on the loan? The longer the "lock" period, the higher the rate.

How large is your loan? There are add-on discount penalties for loans that are too small. Our lender can often give better rates for larger loans.

What type of loan do you need? often, a thirty-year fixed rate will cost you more than a thirty-year loan with a seven-year rate guarantee. Do you really need the rate to be guaranteed for the full thirty years?

There are other factors that can also affect your rate. So how can mortgage companies published or phone quote a simplistic rate? The answer is, they can't - at least not in a way that gives you the choices you deserve.

DID YOU KNOW? All too often, mortgage interest rates that are published in the media are either out of date or "low-balled". Many mortgage lenders advertise and/or give rate quotes over the phone that they cannot deliver. They do this because they know you are most likely to go with the one that quotes you the lowest rate. They get away with this because rates do change often and they can always use the excuse that the rates changed since they gave you the quote.

The way to get the best rate is to work with a mortgage company that offers you all the loan choices and an honest loan officer that really understands what your options are. Your loan officer will ask you the right questions to help you determine the best loan for your needs that gives you the lowest rate and most home for the payment. Then, once the loan officer has discovered when you need to close on the loan, he can watch the economic indicator forcasts to help you "lock" your loan at the best time for the lowest rate on that loan.

WHAT IS THE INTEREST RATE? It is not a simple question and you will pay too much if someone only gives you a simple answer!

Loan Payments on principal and interest on $100,000
Rate     30yr      15yr
6.75%    $648.60   $884.91
7.25      682.18    912.86
7.75      716.41    941.28
8.25      751.27    970.14

*note on a 30yr you can cut it to 17yrs by making just
one extra principal payment a year…..

CLICK HERE for more information about LOWER INTEREST ALTERNATIVES.

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