We may not be in Colorado, but I have found that The Mortgage Experts in Denver, Colorado post amazing blogs posts on the Mortgage Industry. Many times their posts are universal to all markets. They started letting Realtors submit questions for them to answer. I think the follow is a great question (and of course answer!):
Here's the answer: There really is no good site for real-time loan rates, and here's why. Rates are posted on thousands of web sites. However, there are many adjustments to the rates that are never shown to the public. These adjustments are known as "loan level pricing adjustments" and they can affect the interest rate tremendously - sometimes by as much as a few percentage points.
Here are some examples of the things that affect rates:
- Rate lock period
- Occupancy type (primary residence, second home, or investment property)
- Amount of the loan
- The borrower's credit scores
- Amount of the down payment
- Property type (single family residence, townhouse, or condo)
- Subordinate financing (is there a second loan?)
The very best way to get an accurate rate quote is to use lenders who tell you that they cannot possibly give you an accurate rate quote without gathering the information listed above and more.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
Make sure you check out our web site:
www.mtgsupportservices.com
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