I would like to talk about interest rates..... I know I know very exciting.... lol.... This subject sometimes drives me crazy, interest rate has been ingrained in so many people over the last couple of years. I dread the call that I get where all I hear is " what is your interest rate ?" .... I think wow ok lets see..... 4%! Is 4% good ? is that low enough? Now I dont really say this to people.... but that is a weighted question, there is no accurate answer without finding out the entire situation. If you call me and ask me that I will tell you every time that I cannot give you an accurate estimate without knowing your situation. (please no prank calls)
Let me put it this way if I (or any other loan officer for that matter) don't know the FICO score, or the loan to value, or the document type (full or stated or no doc) , or mortgage history, or whether the customer is interested in buying discount points there is no way to assess what "rate that person may qualify for.
Let me say this almost everyone has the same rates (that is shocking right ) . Is the person you are talking with just quoting you a rate ? Do they care enough to find out your situation and what fits your needs the best ? Anybody can quote you a rate and tell you what you want to hear. The hard job is telling someone what they sometimes dont want to hear..... Is the rate quoters "rate" and "payment " going to be the same on the day of closing ? My estimate is probably not.
So in closing let me say this, sometimes the person you should work with is not the one who will tell you whatever you want to hear. Your home is a huge investment, you should probably talk with someone who knows what they are doing and would explain and help you know what you are doing too.
Is this your mortgage guy ? lol.... Im just kidding. Have a great day
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