Everyone wants to make sure they are getting the best rate available. Since we are affiliated with Guarantee Mortgage we are able to offer loan products that other brokers do not have access to. We have a strong reputation of delivering quality loans with a very low default rate. Therefore, many lenders offer us lower rates than other mortgage brokers or banks have access to. We pass that savings on to our clients and do not add any mark ups to our low fees or rates.
The rates our clients qualify for are considered wholesale rates and are usually better than what you would get by walking into a bank.
Lenders all price their loans depending on perceived risk of the loan. They will look at the borrowers credit, income and assets as well as the property itself. TICs typically have higher rates than condos and someone with 25% down will probably have a lower interest rate than someone putting 10% down. The loan amount is also taken into consideration when quoting a rate. With all of these factors it is usually helpful to have a good understanding of your particular circumstances before quoting you a rate.
The timing of your rate lock is also an important part of the rate you will get. Rates change daily and sometimes multiple times a day. We are constantly watching the market and subscribe to a number of commentaries and tools to help us predict when the best time to lock your rate is. Over the years we have become very good predicting where rates are headed and when to lock. Your involvement in the process is up to you. Some of our clients leave it in our hands others want to talk daily about what we are seeing. As with the rest of the loan process, we are here to help you in making the best decision. Almost all of our business comes from referrals. It is our best interest to get you the best rate possible so we can earn your trust and your referrals.
Watch the video below to learn more about how interest rates move: