Mortgage Rates and Super Bowl Squares

Mortgage and Lending with The Savings Bank NMLS ID # 40276

Times have certainly changed in the world of mortgages, over the last year. With all the talk in the media about low mortgage rates being reported in the media of 4% , 4.5%, consumers often feel as though these rates are readily available.  Well they are available, however there are fees associated in obtaining these low, low rates. 

The other key component of obtaining low rates are Consumer FICO scores and the appraised value of your home.  This where the Super Bowl Squares comparison comes into play with mortgage rates.   Two years ago, a loan officer could quote a rate off the top of his/her head and feel pretty good about their quote.  The quote would cover a wide group of potential mortgage clients.  Today the grid is rather large if you have a 680 Fico, and have 25% equity in your home, your rate would be different, than your neighbor who's Fico score was 710 and had 20% equity in their home.  It is use to be 4 squares, now it is over 10 squares, in some instances more.

 Your loan officer should have your credit score, and a solid estimate on what your home is worth, before they give you a rate quote.

If you have any questions feel free to call me, (978-502-3007) or email me at


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