Dennis' Mortgage Blog

You will see in browsing my site that I do not include rate quotes, why?  On the right margin of the home page the National Averages for mortgages are provided, following these can give you a sense of trends, (and note that our rates are below the National Average), but for a specific rate quote that is a bit more challenging.

If you look here you will see a list of 24 criteria needed to make an accurate rate quote.  Most importantly is ensuring borrowers are being quoted a rate on a mortgage that is a) compatible with their goals b) compatible with their abilities and c) compatible with their comfort.  It is not unusual for me to have a potential client call and say, "I want a quote on a 30 year loan." 

Okay, most loans are 30 years, but some are fixed for the entire time and some are not.  Some are interest only for a period of time and some are not.  Some require excellent credit and full documentation of income and assets and some do not.  The caller is probably asking for a rate on a 30 year fixed rate, but again is it for a purchase? Refinance? How much equity? The list goes on and on.

Beware quotes provided without information being obtained.  You will note in small print below most mortgage sites and rate quotes (*rates subject to change). Because they are subject to change they will change, and guess which way?  Most rate quotes on-line and in advertising are deceptively low in order to get the phones ringing.

I am happy to quote rates.  I quote accurate rates for mortgages we have available.  If you call for a rate quote I will ask you several questions to understand your situation and then tell you what the rate is that day on a particular loan, or loans, and what time period the lock would be for if we were locking in the rate and terms that day.

Anyone can quote interest rates, quoting honest rates that are what a borrower can obtain that fits their criteria however takes some experience, skill and information.

Dennis

 Friday, July 06, 2007