Satisfied Clients I am so elated that we had the good fortune to cross your path. The process was so smooth that we were able to know everything up front including the bottom dollar […] it was by far the smoothest and easiest process we have been through.
- Greg Walker
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What is Your Rate?One of the most common questions I get asked on a daily basis is, “What is your Rate”. You would think that a question as simple as that would have an easy answer, but that is not the case!
Every rate is a custom quote. The rate you get could be different then your neighbors down the street because your situation is probably different than theirs. There are over 25 variables that make up an mortgage interest rate and If you change one of the variables, your rate changes. If you throw in the fact that rates also can change two or three times a day depending on what is going on in the financial markets, shopping for a rate can be a complicated process.
Let’s go over all of the variables that determine an interest rate quote.
Rate affected if any of these are required or altered: - Points
- Origination Fee
- Required Escrow vs. Waiving Escrow
- Locked Period: 15, 30, 45, 60 days or longer
- Total Lender Fees: Appraisal, Credit, Flood Cert, Tax Service, Doc Prep, Processing, Underwriting, etc.
- Pre-Payment Penalty
- Recapture Tax
Rate affected on your answer to all of these: - Credit Score
- LTV/CLTV
- DTI
- Number of Months of Reserves
- Loan Amount (Conforming vs. Non-Conforming)
- Loan Type (FNMA, FHLMC, FHA, VA)
- Loan Product (Arm, Balloon, Fixed)
For More Information...If you would like to discuss your rate and the variables that affect it, please call Mike Vrba at (630) 717-2809 or click here to send Mike an email.
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