You’ve made the decision to shop for a home. Congratulations! When you are shopping around for a lender, one of the first things you might look at are their current interest rates.
While browsing online or in other publications, you might see advertisements that look like this:
However, if it sounds too good to be true, it usually is.
Buffington Mortgage Group aims to educate our clients and keep them informed with all of the current information in the mortgage industry. We want you to understand how interest rates work.
Rates and Reality
Have you ever heard the media report on something that you knew was the exact opposite of the truth? Unfortunately, this is the reality that mortgage professionals have to deal with everyday.
Newspapers and online news articles have a tendency of reporting last week’s average for interest rates. The financial markets are all fickle and prone to sudden reversals. While we can predict some trends with last week’s patterns, it’s not usually an accurate reflection of the present.
Meanwhile, the team at Buffington Mortgage Group receives minute by minute information that they can relay to you. In addition, we take into consideration your specific background and help you find the best loan program for you.
How Do You Determine Rate on a Mortgage?
Whether an advertised rate is going to work for your transaction depends on dozens of variables. Here are just some of the criteria that we consider before giving you a quote:
- Loan amount
- Loan type
- Type of property
- Condition of the new home
- Type of earnings
- Credit score
Is the Lowest Rate Always the Best?
There are a lot of factors to consider when buying a house. Just like you wouldn’t pick a house simply because of the color of paint on the walls, you should not pick a lender or mortgage program solely based on their rates.
Depending on your financial situation and what your goals are, it may be worth choosing a slightly higher mortgage rate. Our team will help figure out what the best situation for you will be.
Ready to Talk about Rates?
The Buffington Mortgage Group team can help you figure out the right loan program for you, which will include the best rate for your financial situation and goals. We will also give you up-to-date information about mortgage rates.
About Buffington Mortgage
Our job is to get you the right loan program for you. Let our team guide the way. We will help you get pre-approved, which will put you in the best position to win the offer. Click here for more information.