Hey Buddy,
Can You Spare
A Quarter Point?
A Quarter Point?
"What's your interest rate?" That's the number one question prospective borrowers ask me. But I don't have a "standard" rate. The advertised rates are often "teaser" rates that only borrowers with the best credit scores can qualify. See Shop 'Til They Drop.
Of course, we can beat the interest rate of any other source on the Internet. Sign up for our Home Loan Finder Service to obtain the lowest interest rates.
The interest rate can change with your loan-to-value ratio, your credit score, the type of property, your debt-to-income ratio, income documentation, and a whole bunch of other factors. Offered rates can even change up to 3 times a day depending on market conditions!
Your rate = Your credit score + Your loan characteristics.
Many people think that one size fits all when it comes to loan programs and rates. This just simply is not true. Remember, it's most important to consider your interest rates on all of your debts. Usually a slightly higher mortgage rate may be beneficial if you are able to combine other high interest debts and avoid paying mortgage insurance. Also, the interest may be tax deductible. See Common Homeowner Tax Deductions to learn more.
Is this home your principal residence? Your answer can greatly affect your interest rate. See Realty Times article, What's
Your Principal Residence? Tax Experts Not Always
Certain
for one expert's view.
We know that 6 out of 10 loans funded in the US
are for non-traditional, non-conforming type loans. We have many loan programs with more liberal borrowing needs. These more lenient guidelines have interest rates which are somewhat higher. They're customized to fit your individual credit score and your particular needs. In the area of non-conforming lending, we are able to help people of all credit grades. We have programs available for credit histories from A+ to D, programs for anyone who wants a more generous, or less common kind of residential real estate loan. If you're down, our goal is to help you get back on your feet and build a better credit profile. Rest assured that we will find you the best possible rate for the loan program that meets your needs.
Did you know that the Federal Reserve's 'Fed Funds' rate is not closely tied to mortgage rates, as commonly thought? Rather, a mortgage rate is more closely linked with the expected rate of inflation! Click on The Cost of Money to find out the real scoop.
A smart shopper compares the prices and features of similar products before making a purchase decision. Be careful of hidden closing cost fees. Internet interest rate shoppers have good intentions, they just want to get the most value for their money. Yet the interest rate is not the only difference between any two lenders. The differences are discussed as part of our APR explanation. Besides, the real interest rate can be different than the posted interest rate because of the following reasons:
- Your credit score
- Whether you want a 1st or 2nd mortgage
- The loan amount
- The LTV ratio
- Property marketability and condition
- Your income source(s)
- Property's uniqueness to the neighborhood
- Your historic income stream
- The "reason" for the loan:
- Purchasing
- Straight refinance (no cash-out)
- Equity advance (cash out)
- Bill consolidation
- Home improvement, etc.
For any 'rate quote' to even be remotely close to a true number, you need to supply the lender/broker agent with a COMPLETE application and have a three (3) credit bureau merged credit report run for you (and any other co-applicants).
When is it smart to pay points?
It's NOT a case of one-rate fits all in residential real estate mortgage lending. In other words, the rates published on other web pages will give you an answer, but it won't be the REAL answer.
For related information see Credit Score Information
Here is Money Saving Tip
related to interest rates, or more correctly, related to interest. For other tips,
sign up for our Mortgage
Insider Secrets!
Whatever your situation, Lightning Mortgage can work with you to make sure you get the perfect loan for your lifestyle. Our entire Loan Process is mapped out for you. Apply now.
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