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Looking to get a loan with the lowest rates possible.

by jajahap322 from Taholah, Washington. 21 days ago Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

"Lowest possible rates?" While that sounds like a logical question, there are at least 21 different criteria that goes into an actual rate quote. Then from there, you still have a personal rate and cost decision to make. Loan program and credit score for example effect rates. Then, do you want to pay discount points to buy down the rate? How about lowering your closing costs by using lender credits, which increases your rate? I suggest you contact a local mortgage broker in your area. Give them a full application, and they can ask those questions and more to zero in on what is the best deal for you. For loans in MN, SD, or WI, visit me at www.MortgagesUnlimited.biz

20 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

In an ideal world, this would be easy.. unfortunately, it's much more complicated than that.. As Joe stated.. many different things go into what the rate is.. Loan amount.. the higher the loan amount, the lower the rate, unless you go into jumbo territory.. then the rate get's higher.. Loan to Value.. how much you put down also affects the rate.. If you only put 5% down, your rate would be higher than someone putting down 40%.. What about occupancy? Owner occupied, or 2nd home, or investment.. each of these has different rates.. what about property type? Single Family home? Condo? MFH? Duplex? each of these property types have different rates.. I could go on, but i'm sure you get it.. If you really want to know what the best rate for you would be, you really have to get off the internet and pick up the phone and reach out to a mortgage banker/broker in your area and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

20 days ago
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