I have been getting bombarded with calls about rate, everybody telling me the rates are 4.5%, I heard it on TV, and one guy told me that he heard rates were 3.5% and that banks are charging other banks 0% to borrower money. Yeah, charging 0% - he also just bought a stock in Hong Kong on the internet, I know, that's China, I thought the same thing!
I just wanted to notify everybody regarding these great rates that we have, and to let everybody know it is a great time to re-finance, BUT, be careful of what you hear and see. I can entice you to call by sending you an e-mail with a great rate on it, but you might find out that you don't really qualify for the rate offered. Check out below.
Today I can offer a rate of 4.875% - 30 year fixed - 0 points, if that's all I send, you might be excited, but here's what you need to qualify for that loan.
1. 740 credit score or better if it's a purchase, if it's a refinance it should be a cash out
2. You need to be borrowing 85-95% of the value of your home, which means you'll need MI, if its less then 85% but more then 60% the rate will go up, but just slightly.
3. Expect your rate to change every 10 credit points below the 720 range you are, (it will be slight for the first 10 points, 710 not as bad as 100 points, lower at 620)
4. The bottom line is that not everything is as it seems sometimes, take a closer look before you get yourself, or one of you clients, stuck on something that's not there.
I just wanted to let you guys know, that the rates are at an all time low, but don't be sucked in by ads and e-mails that just send a rate out as if its the same for everybody, and don't forget to always check for fees. If you have any questions, or just want a second opinion on a rate, please feel free to call me or send me an e-mail, I'm always willing to help.
For those of you I don't get a chance to see, have a great holiday!
Pennsylvania District Manager
Franklin American Mortgage Company
Three Greentree Centre Suite 100
Marlton, NJ 08053
877-562-6119 toll free