How important is your Interest Rate?

Very Important! But I am sure you knew that.

Obviously this is what your monthly payment is based on so you want the best Interest Rate you can get. But how do you make sure you are getting the Best Rate?

Well, First you need to have an accepted Offer to Purchase a Property before you can even consider "Locking in" an Interest Rate;

Next you would have to call all the people on your list within the same 30 minute time frame to be able to compare, Interest Rates can change each hour depending on what is happening on Wall Street.

The Problem with that is you first need a Pre-Approval to make an Offer to Purchase a Home & your Realtor needs to state who you are using for your Financing which means you have to make a decision about who your mortgage banker is. You should be able to sit down face to face with your mortgage banker so they know you & what program will best fit your needs.

The Banks vary a bit on the Rates that they receive, but all in all we purchase the rates at the same price, the key is, does the person you are dealing with have access to all the low rate investors?

A Mortgage Banker will be your best bet because they are able to take all that goes into determining a rate... your Credit Score, Debt vs your Income, how much money you are putting down on the property and shop around to all the Investors for the best rate! They also have the ability to do this with little cost to you! Yes there are minimal fees, they do have to pay the underwriting staff and pay fees to the investor but it is worth it for the lower Interest Rate.

Always remember that if a Rate looks too good to be true...it probably is. That is why it's important to work with a Mortgage Banker you were referred too. We all have different degrees of experience with getting your transaction done smoothly...or not. So when being "referred" it does make that difference you need to make sure you not only receive the best Rate but also get the Best Service for a smooth & easy transaction!

An Underwriter on site is one of the Best scenario's a Mortgage Banker can have. This underwriter is the determining factor of you getting the Loan you are applying for or not. If your representative works closely with one it will help tremendously.

No surprises is key! When you go to settlement you know what to expect at the table & a good Mortgage Banker will be with you along with the money & the Rate they promised you!