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My broker quoted me a mortgage rate higher than any online, although I look perfect on paper. Why?

by ewjd48592 from Lakeview, Texas. 20 days ago Reply


Louis Balady (lbalady@townsquarefinancial.com)
#109 ranked lender in Texas - 9 contributions

There could be many factors as to why. Loan size, credit score, type of loan, amount you are putting down. Please call and I will explain further. Louis Balady 214-722-2650

20 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

Every scenario is different.. and the rates you see online are usually teaser rates.. meaning, they are typically based on you paying points, or having a 760+ Mid credit score, or 15 year financing vs. 30.. etc, etc, etc.. There are many things that affect the rate.. credit scores.. the higher the score the lower the rate, but typically, if you are at 760 or above, that will get the best rate... length of the loan.. the shorter the term the better the rate.. Loan to value.. the more you put down, the lower the rate.. Borrowers with 40% or more down get the best rate. Property type.. single family home? Manufactured home? Condo? 2, 3 or 4 unit property? Single family homes get the best pricing, and MFH's have the worse. Occupancy? Owner occupied? 2nd home? Investment? Owner occupied homes get the best loan pricing.. I could go on, but I'm sure you get it by now.. every borrower will have a different scenario. so it's really impossible for an "Online Advertised Rate" to apply to the masses.. Your mortgage guy has looked at your complete loan scenario.. and he has priced your loan based on all the information he has available.. not the case with online quotes.. which is why 99% of the time, you never get the rate you see online.. 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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Dale Corley (TheLoanAngel)
#111 ranked lender in Georgia - 2 contributions

I'd be happy to take a look at your quote and advise. I'm licensed in Texas. Dale Corley 770-402-4804

20 days ago
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