I often get asked what's your rate. That is a very loaded question! I can't answer that question with just one rate. If you are shopping around for mortgage rates and you really want an accurate quote, you need be sure that you are asking the right questions. It is important for me to know many different things before I can give you an honest answer.
For instance, do you want a 30 year fixed rate or do you want an adjustable rate? How much will you be putting down or what is your loan to value? Will you want one loan or two to avoid mortgage insurance? Do you have a home to sell, are you looking for a 30, 60 or 90 day rate quote? Will you be getting any down payment assistance? Will you be escrowing your taxes and insurance, is this a purchase or refinance?
There are so many factors when asking for a rate quote. It is important to give each lender you speak to the same important information to compare apples to apples. When you speak with a lender and are just quoted a rate you are being robbed. Its not possible to give you the current rate just by asking what is your rate.
You also need to keep in mind that rates can change on a daily basis and sometimes more than once in a day. It is important to contact each of the lenders on the same day around the same time. Typically the difference in rates between companies will only vary about .25%.
But also keep in mind that rate is not always the most important question to ask. You will want to know if there are any origination or discount points. (1 point equals 1% of the loan amount) You will also want to know what closing costs will be, and what the closing cost will include.
There are just to many variables that just quoting a rate would not give you all you deserve.
If you are looking to purchase or refinance a home in Illinois, contact a Mortgage Consultant for an accurate rate quote! Work with a mortgage lender willing to ask you the tougher questions.
Helping Illinois with home loans for over 10 years! DuPage, Kane, Lake and Cook Counties
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