I believe that the complicated real estate and mortgage markets borrowers are not best served by posting generic daily quotes.  While I do post generic rates every Friday (which can be found in My Blog, the quotes are meant to be used as a guide to trends in the rates and not necessarily the same for every borrower’s situation, depending on your circumstances your rate may be better, or worse, than the generic rates quoted.

Why? Because there are many factors to take into account when determining an interest rate. Here are just some of the many factors that are used by Fannie Mae, Freddie Mac and lenders when determining rates and costs:

  • Loan amount
  • Loan to value (percentage that loan is of the appraised value, i.e. a $360,000 loan is 90% loan to value of a $400,000 property)
  • Credit score
  • Type of property
  • Type of transaction (purchase, refinance, cash-out refinance)
  • Residency for property (owner occupied or non-owner occupied)

Following generic rates as you are looking for a new home or considering refinancing your existing mortgage is a good idea so you can get the trend of the market. Your specific situation may not be suitable for the generic rate published by various sites and media, to ensure you are properly prepared for your next mortgage it is important to have a mortgage professional provide a comprehensive rate quote based on your situation. Please contact me for an easy conversation to determine what factors will impact your next mortgage rate.

To get a free rate quote please contact me via email or call.