Rates, Rates, Rates

What is the rate? That is the term that you hear everyday from a buyer. This is the term that I believe every buyer believes they need to ask on the initial interview. As a lender you are a financial advisor but not a psychic. We keep you up on what the market is doing but predicting the rates is time consuming and challenging. Mortgage Rates primarily reflect the performance of the U.S. bond market. Rates fluctuate daily and are affected by many factors. Rates are not the first item of a business that a lender wants to speak to you about as it is based off several factors. This means the interest rate is based off that loan product, loan to value and FICO. In fact most lenders want to know you so you should be prepared for a preliminary mortgage application of your financial picture. Going into this mini interview you should know your story and points to talk about.... Self employed for less than 2 years, have another house to sell, collections, judgements, type of loan of interest, your work schedule. Do you know how much house you want to buy? Have you told your lender your expectations? Have you gotten most of your questions answered? As you know by now the theme of my blog is good communication. This starts at "Hello" and helps to form a good relationship. We want you to be sure that we have answered all your questions along the way as this is going to be one of the biggest financial transactions that you are going to make.

Rates, Rates, Rates