"What is today's
Without question, the interest rate on
your home loan is one of the most important
aspects of the mortgage. The interest rate
may affect your ability for approval, the
amount of your tax deductions and the cost
to repay the loan in full.
There really is no such thing as "today's
rate". The interest rate that you will be
quoted on any one day is based on several
factors specific to your mortgage needs.
Mortgage interest rates change daily due to
the economic fluctuations in the stock and
bond markets. A rate quoted today may not be
the same a day, week or month later. While
it may be higher, it may be lower as well.
Once you have committed to securing a
mortgage, you will have to "lock" a rate. By
locking a rate, you are guaranteeing that
the rate will be applied to your mortgage
when you close, regardless of market
conditions. Rate locks do have expirations.
Typically a rate lock is valid for 7 to 45
days depending on the lender and loan
program. It is possible to lock rates for
To obtain the most accurate interest rate
quote you should be willing to provide some
minimal information regarding your needs and
situation. Calling and asking for "today's
rate" without sharing this information may
not provide you with an accurate quote.
The following list of factors does affect
· Loan Amount
· Credit Score
· Amount of the Down Payment
· Waiving Escrows
· Cash Received at Close
· Term of the Mortgage
· Lock Period
It is also very important that you
confirm the total closing costs and fees
when inquiring about an interest rate. The
entire mortgage package must be considered.
Any lender can provide the lowest rate; but
at what cost to you!
It goes without saying that when you ask
us for a rate, you are seeking the lowest.
We know that! However, we believe it is
important for you to consider all aspects of
the mortgage, including the rate. To make an
accurate comparison the total costs to
obtain a rate and the terms of the mortgage
must also be considered.
Call us for TODAY'S RATE
as it applies to YOUR situation!
108 N. State St. St
Sparta, MI 49345